Hinduja Ventures reorganizes media business
The Board of Directors of Hinduja Ventures Limited (HVL) has approved the 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 fibre and also the Broadband business carried out through its subsidiary.
IMCL, the only integrated digital platform operator ("DPO") in the country, with delivery via digital cable, satellite ["HITS" or Headend-In-The-Sky) and fibre; 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, IMCL.
The successful implementation of the New Tariff Order by IMCL; while simultaneously ensuring that there is least disruption to customer service has been very well recognized by the industry and all stakeholders. In appreciation of this, IMCL has won two prestigious awards at the Annual BCS Ratna Awards - "Best NTO implementation by a DPO" and "Best LCO and Consumer management