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Cable digitisation: IMCL makes third purchase in Kolkata

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MUMBAI: IndusInd Media & Communications Ltd (IMCL) has made its third acquisition in Kolkata as it plans to expand in that marketplace where it sees a lot of demand coming from small-sized cable companies who are unable to fund for digital set-top boxes (STBs).

"We have acquired 51 per cent stake in a small cable TV network in Kolkata. We are looking at seeding 100,000 STBs through this company. This is our third purchase in Kolkata," IMCL chief executive officer Nagesh Chabria told Indiantelevision.com.

In 2012, IMCL had picked up 51 per cent stake in two cable networks - Hooghly-based Advance Multisystem Broadband Communications (AMBC) and Skyvision.

Advance Multisystem Broadband Communications Limited (AMBC) has become a subsidiary of IMCL with effect from 9 November 2012. IMCL had on 18 May acquired AMBC by subscribing to 51 per cent of the paid up equity capital of AMBC by provision of STBs and digital head-end valued at Rs 80.1 million.

Meanwhile, Hinduja Ventures Limited (HVL) has reported a fall in its third quarter profit before tax from its media and communications segment (IMCL) to Rs 50.81 million from Rs 199.9 million in the trailing quarter.

The revenue from this segment, which houses the HVL’s cable TV business InCablenet, is Rs 1.52 billion compared to Rs 1.36 billion in the second quarter of the fiscal.

The media and communications business resides in IMCL, a subsidiary of HVL.

HVL has exercised the put option to increase its holding in subsidiary IMCL to 61.71 per cent from 61.17 per cent as a result of conversion of seven years, 12 per cent Cumulative Convertible Redeemable Preference shares aggregating to Rs 150 million into 1.03 million equity shares of Rs 10 each, at a premium of Rs 135 per share.

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