The Hinduja group firm Hinduja TMT (HTMT) on Monday said it has formed a JV with Limitless, the real estate subsidiary of Dubai World, to foray into medicare-related realty business. Hindujas will hold 51% stake in the JV, with Limitless holding the remaining, reports ET. "We have identified healthcare as one growth area for the group. We have plans to set up medicity projects in various parts of India, which will offer a complete range of healthcare services including hospital services. Limitless will be handling the developmental aspects of the medicity project," said Ashok Mansukhani, president, HTMT.
On Monday, HTMT underwent a name-change and will be known as Hinduja Ventures. The company has got approval for the name-change from shareholders at its AGM held in Mumbai. Ashok Hinduja, executive chairman of the group, told shareholders that the group would be investing Rs 100 crore in its medicare projects. Mr Mansukhani said the company is also developing its 47-acre land near international airport in Bangalore as a residential and commercial property. It has also decided to hive off its media division, IndusInd Media and Communication (IMCL) as a subsidiary company.
"Currently, IndusInd Media and Communication is a part of HTMT. We have decided to hive off it as a subsidiary and it will be listed in the stock exchanges sometime next year," said Mr Mansukhani. IMCL is the major subsidiary of HTMT and is also one of the largest multi-system operators in the country. With approximately more than 6 million subscribers across 14 major cities, the company offers 170 channels in the digital mode.
It also offers about 90 channels in the analog mode. The company has a backbone of over 6,000-km of fibre optic network through which it offers broadband services with national ISP licence. The company is also into content creation, acquisition and aggregation. IMCL has completed the first stage of conditional access system (CAS) by installing more than 1 lakh set-top boxes in the CAS-notified areas. The company is fully-geared to meet the subsequent phases of the CAS rollout as per the government regulations.
Mr Mansukhani said the media distribution and content services firm of the Hinduja group is also planning to bring more foreign channels to India and an application on the same has been filed with the authorities for the approval.
HTMT has also entered into an agreement with ESPN Star Sports for the distribution of its new cricket channel, Star Cricket, in Mumbai, Thane and Navi Mumbai.
On Monday, HTMT underwent a name-change and will be known as Hinduja Ventures. The company has got approval for the name-change from shareholders at its AGM held in Mumbai. Ashok Hinduja, executive chairman of the group, told shareholders that the group would be investing Rs 100 crore in its medicare projects. Mr Mansukhani said the company is also developing its 47-acre land near international airport in Bangalore as a residential and commercial property. It has also decided to hive off its media division, IndusInd Media and Communication (IMCL) as a subsidiary company.
"Currently, IndusInd Media and Communication is a part of HTMT. We have decided to hive off it as a subsidiary and it will be listed in the stock exchanges sometime next year," said Mr Mansukhani. IMCL is the major subsidiary of HTMT and is also one of the largest multi-system operators in the country. With approximately more than 6 million subscribers across 14 major cities, the company offers 170 channels in the digital mode.
It also offers about 90 channels in the analog mode. The company has a backbone of over 6,000-km of fibre optic network through which it offers broadband services with national ISP licence. The company is also into content creation, acquisition and aggregation. IMCL has completed the first stage of conditional access system (CAS) by installing more than 1 lakh set-top boxes in the CAS-notified areas. The company is fully-geared to meet the subsequent phases of the CAS rollout as per the government regulations.
Mr Mansukhani said the media distribution and content services firm of the Hinduja group is also planning to bring more foreign channels to India and an application on the same has been filed with the authorities for the approval.
HTMT has also entered into an agreement with ESPN Star Sports for the distribution of its new cricket channel, Star Cricket, in Mumbai, Thane and Navi Mumbai.
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