The Board of Directors of Hinduja Ventures Ltd. (HVL), in its meeting held on February 26, 2014, reviewed the performance of its subsidiary i.e. IndusInd Media and Communications Limited (IMCL) and reiterated the earlier decision to invest Rs. 300 crore in IMCL, either directly or through its subsidiary.
The capital infusion is happening to take advantage of opportunities thrown up by digital conversion from analogue transmission as mandated by Information and Broadcasting Ministry, Government of India. Phase I and Phase II of the Digital Addressable System (DAS) 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 will also make an investment upto Rs. 2 crore in Grant Investrade Limited, a wholly owned subsidiary of the Company.
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