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MSO InCableNet gets Rs 300 crore cash infusion

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MUMBAI: The folks at the Hinduja group-owned cable TV MSO InCableNet and InDigital must be a happy bunch. The reason:  Grant Investrade Limited (GIL), a wholly owned subsidiary of Hinduja Ventures, has decided to invest Rs 300 crore in the cable distribution business managed by InCableNet and InDigital in India.



The capital infusion, according to a press note released by the company, is happening to take advantage of opportunities government mandated digitisation of cable TV.



“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,” said the release.



Hinduja Ventures director Ashok Mansukhani when contacted said, “The purpose of promoter infusion through GIL is to help IMCL stabilise phase I and II which has completed set top box installations. It is up to IMCL management to also grow in new geographies for phase III and IV which are due to be digitalised by 31 December, 2014 either organically or inorganically.”



The investment has come in at a time when there is a lot of buzz on whether the MSO is in the running to acquire or partner the Kolkata-based MSO Manthan Broadband. Unwilling to confirm or deny anything Mansukhani said, “There are of course plans to expand our geographical presence. Kolkata is an interesting city to venture into, but nothing as of now has materialised.”



He further added, “We already have 22 joint ventures and would obviously like to expand. These things keep happening in the cable TV business.”



The infusion of cash couldn't have been more timely. Industry observers have been watching closely waiting for the MSO to get active.

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