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Grant Investrade Limited (GIL) to de-merge its headend-in-the-sky business undertaking to IMCL

The Board of HVL also approved un-audited standalone financial results for the quarter ending last June 30

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Grant Investrade Limited (GIL) to de-merge its headend-in-the-sky business undertaking to IMCL

Grant Investrade Limited (GIL) to de-merge its headend-in-the-sky business undertaking to IMCL

The Board of HVL also approved un-audited standalone financial results for the quarter ending last June 30

BestMediaInfo Bureau | Mumbai | July 26, 2016

Hinduja-VenturesHinduja Ventures Limited (HVL) recently approved un-audited standalone financial results for the quarter ending June 30, 2016. HVL reported a total income of Rs 60.95 crore for the quarter as against Rs 26.63 crore for the one that ended on June 30, 2015. The net profit after tax for the quarter is Rs 24.21 crore as against Rs 23.90 crore during the last quarter. The increase in total income is being attributed to the sale of setup boxes, broking income and income from trading of securities.

The Board of HVL also noted the scheme of arrangement between Grant Investrade Limited (GIL), the wholly owned subsidiary of the company, and IndusInd Media and Communications Limited (IMCL), wherein GIL will de-merge its Headend-in-the-Sky (HITS) business undertaking to IMCL. The scheme is subject to consents, approval and permission of statutory authorities, including, in particular, the Union Ministry of Information and Broadcasting for transfer and vesting of HITS licence held by GIL in favour of IMCL. This arrangement is expected to strengthen HVL's investment in the media business, which will in turn unlock the value of its shareholders.

The HITS business undertaking of GIL's merger in IMCL is billed to be the first-in-the-country in digital cable. It is expected to have a long-term positive financial implication by increasing competitive strength, technology synergies, customer service efficiency and high productivity with a genuine all-India reach.

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