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Hinduja Ventures Ltd announces reorganisation of its media & communications business

Hinduja Ventures Ltd announces reorganisation of its media & communications business

Hinduja Ventures Ltd today announced the reorganization of its media and communications business. Please find attached the press release for the same. Also, we would be happy to organize a tele-con with the spokesperson to share the details of the reorganization and its future business plan.



Reorganization of Media Business:



The Board of Directors of Hinduja Ventures Limited (“HVL”) at its meeting held today have accorded In-Principle approval for reorganization of Media and Communications undertaking of IndusInd Media & Communications Limited (“IMCL”), into HVL subject to all statutory/ regulatory approvals and approval of the shareholders. The media business of IMCL consists of digital content distribution business carried out through multiple platforms including satellite and fiber and also the Broadband business carried out through its subsidiary.



IMCL - A handsome turnaround



IMCL, the only integrated digital platform operator (“DPO”) in the country, with delivery via digital cable, satellite (“HITS” or Headend-In-The-Sky) and fiber; has seen a handsome turnaround in the quarter due to the successful implementation of the New Tariff Order by the Company from February 2019 till date and holds very good promise for improved operating results going forward. The Company also benefitted from successfully converting its customer base to a fully prepaid model. “IMCL has posted a positive Operating profit and positive Profit after tax for the first quarter of the current year. We expect this positive trend to continue, buoyed by cutting-edge technology that will spawn a series of innovative products and solutions, a robust inclusive model with all our cable operator partners and a customer-centric approach” says Vynsley Fernandes, Chief Executive Officer.

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