In a meeting held on Tuesday, The Board of Directors of Hinduja Ventures Limited (HVL) has approved Scheme of Arrangement between IndusInd Media and Communications Limited (IMCL) and Hinduja Ventures Limited.
The IndusInd Media & Communications Limited (lMCL) business consists of digital content distribution using multiple platforms such as satellite and fibre. IMCL also carries Broadband and internet business through its subsidiary OneOTT Intertainment Limited (OIL). IMCL also has a dedicated unit that develops content for various platforms and owns a significant content library and movie negatives.
HVL said that this consolidation into a single group will achieve flexibility, scale and financial strength. HVL will also consolidate media vertical, they believe that media business has a high growth potential going forward due to a fast-maturing industry and recent regulatory reforms like the New Tariff Order.
HVL said that due to these impetus media vertical will propel it to the next level of growth and performance. Appointed Date of the scheme of arrangement will be October 01, 2019 after securing all statutory and regulatory approvals.
HVL also expects that upon segregation of identified business undertaking, the company shall be able to achieve higher long-term financial returns, increased competitive strength, cost reduction and efficiencies, productivity gains, and logistical advantages, thereby significantly contributing to future growth in their respective business verticals.
Hinduja Ventures Limited operates across three segments: media and communication, real estate and investment, and treasury. HVL is the Holding Company of one of India’s largest integrated media company i.e. lnduslnd Media & Communications Limited (lMCL).
Hinduja Group spans across three core areas: Investment Banking, International Trading and Global Investments. It also supports charitable and philanthropic activities across the world through the Hinduja Foundation.