The Board of Directors of Hinduja Ventures has decided to invest Rs 300 crore in IndusInd Media and Communication either directly or through its subsidiary.
The capital infusion is aimed at taking advantage of the opportunities thrown up by digital conversion from analogue transmission, as mandated by the Ministry of Information and Broadcasting. Phase I and 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.
Meanwhile, Hinduja Ventures will also make an investment of up to Rs 2 crore in Grant Investrade.
It may be recall that Hinduja Ventures had reported a marginal decline of 1.25 per cent in its standalone net profit at Rs 23.53 crore for the third quarter ended December 31, 2013. The company had posted a standalone profit of Rs 23.83 crore in the same period of the previous fiscal.