MUMBAI: IndusInd Media and Communications is finally set to get Rs 300 crore of investments from its promoter Hinduja Ventures, following a complete revamp of the top management at the multi-system operators with Tony D’silva as the new Managing Director and CEO.
The board of directors of Hinduja Ventures today reviewed the performance of IndusInd Media and decided to go ahead with its planned investment in the company to grab acquisition and growth opportunities arising from digitisation of cable TV services.
Hinduja Ventures, in a statement after the board meeting, said the investment is to take advantage of ‘several consolidation opportunities coming up in the digital environment’. The investment will also help IndusInd Media in expanding its customer base in the digital regions as well as spruce up its customer service.
Hinduja Ventures has also decided to invest Rs 2 crore in its subsidiary Grant Investrade, which is spearheading its head-end in the sky (HITS) plans.
IndusInd Media has planned several new services in the coming months such as broadband services, HD television, hybrid STBs for cable and internet and value added services for customers. The multi-system operator claims to have 8.5 million subscribers across 36 cities.