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IMCL merges with Hinduja Ventures

IMCL business consists of digital content distribution, broadband and internet business, and a dedicated unit that develops content for various platforms and owns a significant content library and movie negatives

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BestMediaInfo Bureau
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IMCL merges with Hinduja Ventures

The board of directors of Hinduja Ventures Limited has approved the scheme of arrangement between IndusInd Media and Communications Limited (Demerged Company) and Hinduja Ventures Limited (Resulting Company) and their respective shareholders.

IMCL business consists of digital content distribution using multiple platforms such as satellite and fibre. It also carries broadband and internet business carried out through its subsidiary OneOTT Intertainment Limited. IMCL also has a dedicated unit that develops content for various platforms and owns a significant content library and movie negatives.

HVL said that this media business has a high growth potential going forward due to a fast-maturing industry and recent regulatory reforms like New Tariff Order. “These stimuli provide the right opportunity to consolidate media vertical which will propel it to the next level of growth and performance,” it said.

The exchange ratio for the proposed restructuring exercise shall be 10 equity shares of HVL fully paid up for each 125 equity shares of IMCL fully paid up.

“Benefits of this consolidation into a single group will achieve flexibility, scale and financial strength. Upon segregation of identified business undertaking, post-restructuring the company shall be able to achieve higher long-term financial returns, increased competitive strength, cost reduction and efficiencies, productivity gains, and logistical advantages, thereby significantly contributing to future growth in their respective business verticals,” said the company.

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IMCL Hinduja Ventures
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