Grant Investrade, a wholly-owned subsidiary of Hinduja Ventures (HVL), has decided to invest Rs 300 crore in the cable distribution business managed by INCableNet and INDigital in India. HVL is the majority shareholder of IndusInd Media & Communications, (IMCL), the cable distribution company of the Hinduja Group.
The capital infusion is happening to take advantage of opportunities thrown by digital conversion from analogue transmission as mandated by the Ministry of Information and Broadcasting. Phase I and Phase II of the Digital Addressable System (DAS) have already been completed and several consolidation opportunities are coming up. The capital will be used to expand the digital base of IMCL and to improve customer services.
For the record, Hinduja Ventures is the holding company of IndusInd Media & Communications. With an estimated 8.5 million subscribers across 36 major cities, the company offers over 350 channels in the digital mode.