Board approves reorganisation of IMCL’s media & communications undertaking into HVL

The media business of IMCL consists of digital content distribution carried out through multiple platforms, including satellite and fibre, and broadband business

by exchange4media Staff
Published - Aug 13, 2019 4:27 PM Updated: Aug 13, 2019 4:27 PM
Hinduja

The Board of Directors of Hinduja Ventures Limited (HVL), at its meeting held on Tuesday, have accorded in-principle approval for reorganisation 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.

The company in a statement said that IMCL 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 customers 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,” said Vynsley Fernandes, Chief Executive Officer, IMCL.

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