Hinduja Ventures Ltd (HVL)’s board of directors has given their approval for the amalgamation of Grant Investrade Ltd (GIL) into the company, which is a wholly owned subsidiary of the company. HVL has business interests in media, real estate, and treasury while GIL is in the business of running channels on cable TV and treasury.
Now the approval of the National Company Law Tribunal (NCLT) is awaited. The appointed date for the Scheme of Amalgamation is 1 October 2017.
In past, GIL housed the headend in the sky (HITS) business of HVL. The HITS business has now been merged with the cable TV business under IndusInd Media and Communications Ltd (IMCL), which is also a subsidiary company.
The board of directors believes that the amalgamation will result in better synergy in operations, larger asset base, increase in the net worth of HVL, and reduction in overhead expenses.
In past, GIL housed the headend in the sky (HITS) business of HVL. The HITS business has now been merged with the cable TV business under IndusInd Media and Communications Ltd (IMCL), which is also a subsidiary company.
The board of directors believes that the amalgamation will result in better synergy in operations, larger asset base, increase in the net worth of HVL, and reduction in overhead expenses.
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