In a major restructuring, the Hinduja Group will have its cable TV and headend-in-the-sky (HITS) businesses housed in a single entity. The HITS business will move from Grant Investrade Ltd (GIL) to IndusInd Media & Communications Limited (IMCL), the company under which the cable TV business is run. As part of the process, GIL, a wholly owned subsidiary of Hinduja Ventures Limited (HVL), will demerge its HITS business. It will merge with IMCL to create a consolidated powerhouse. The HITS license, held by GIL, will also move to IMCL. The company will seek approval of the ministry of information and broadcasting (MIB) to transfer the HITS license.
In a bid to consolidate its media investments, the Hinduja Group has decided to merge its cable television business Induced Media and Communication with its HITS business of Grant Investrade. The Hinduja Group has re-organized its media business to tap the next phase of digitization in television broadcasting. Currently, IndusInd Media & Communications and Grant Investrade are subsidiaries of the holding listed company, Hinduja Ventures.
The HITS business was launched last year under the brand name NXT Digital. Post-merger, the company plans to retain the NXT brand name. The Group's broadband business will continue as a separate unit but will be integrated into the merged media entity to offer a combined suite of services to end users.