Hinduja Ventures to invest Rs.300 crore in IndusInd Media
Mumbai: Hinduja Ventures will invest Rs.300 crore in its subsidiary IndusInd Media and Communications (IMCL) as part of the restructuring of its media vertical.
“The Hinduja Ventures board reviewed the performance of its subsidiary IMCL and reiterated the earlier decision to invest Rs.300 crore in this company, either directly or through its subsidiary,” according to a company statement.
The capital infusion is happening to take advantage of opportunities thrown up by digital conversion from analogue transmission as mandated by the ministry of information and broadcasting, it said.
“Phase I and II of the digital addressable system have already been completed and several consolidation opportunities are coming up in the digital environment in various phases. The capital will be used to expand the digital base of IMCL and to improve customer services,” the company said.
Under the restructured form, the media business of HVL will include five verticals—In Entertainment (erstwhile Cable Video India), which will look after the content, niche channels and film financing business; Shop 24X7, the teleshopping business; In Digital, the digital cable arm; In Cable Net, the analogue cable arm and Grant Investrade, the vertical will look after Headends in the Sky (HITS) project.
Hinduja Venture will also invest up to Rs.2 crore in Grant Investrade.