Dubai: UK-based business conglomerate Hindujas today announced that they are starting a “world- class” TV and communication network in India.
Group Chairman S P Hinduja told a meeting of shareholders of IndusInd International Holdings Ltd (IIHL) that the network would be set up by IndusInd Media and Communications Ltd (IMCL), which is among the largest Cable TV companies in India with a customer base of 5.5 million households. IIHL has an indirect investment of about $385,000 in IMCL.
He also said that IndusInd Bank, another entity controlled by IIHL, was poised for a robust growth by leveraging its strong capital base.
The bank expects 40-45% hike in advances during the current fiscal, against the average loan growth of 20% by most other banks.
“IndusInd Bank is now poised for rapid growth as a significantly strengthened entity... (which) will overtake its peers in the next three years, as measured by the criteria of productivity, profitability and efficiency,” Hinduja said.
“Its Capital Adequacy Ratio, a key indicator of stability, stands at a comfortable 11.91% as on March 31, 2008, well above the regulatory minimum of nine per cent,” he said.
The ratio further improved to 13.16% at the end of the April-June quarter of the current fiscal from 12.16% in the first quarter of the previous fiscal.
While most new generation private sector banks launched in the early 90s have disappeared, IndusInd Bank has remained the sole survivor with its strong fundamentals, said Hinduja, the London-based business tycoon.