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MUMBAI: Hinduja TMT Ltd. (HTMT) will be divesting its entire 5.11 per cent stake in Hutchison Essar Ltd (HEL) to Hutchison Telecommunications (India) Ltd. for $450 million.

The company, with its two wholly owned subsidiaries InNetwork Entertainment Limited (INEL) and Pacific Horizon Limited (PH) and Hinduja Group’s Mauritius based company Kumbat, have entered into a definitive agreement for the stake sale. IndusInd Telecom Network Limited, an SPV (special purpose vehicle), held the shares. Hutchison Telecommunications is an indirect wholly owned subsidiary of the Hutchison Telecommunications International Ltd.

IndusInd Investment Bank acted as the sole financial advisor to the deal.

Prior to this sale, HTMT completed the acquisition of the entire shareholding of Sumitomo Corporation in Pacific Horizon. HTMT’s effective shareholding in HEL, thus, increased from 3.45 per cent to 4.68 per cent.

“The Board decided to monetize its investment in HEL to unlock the value for its shareholders and accepted the offer made by HTIL. The proceeds from the divestment of this stake sale will not only help the company to aggressively pursue its growth path in its businesses but will also enable it to explore opportunities in new lines of businesses,” HTMT executive chairman Ashok P Hinduja said.

HTMT’s board, which met today, also announced the consolidated results of its media and telecom subsidiaries and IT / ITES-BPO operations. A dividend of Rs 7.50 per share (75 per cent on the par value of Rs 10 per share) for FY06 was recommended, amounting to an outgo of Rs 306.8 million.

HTMT’s consolidated operating income for the year increased by 37 per cent from Rs 3.18 billion in FY05 to Rs 4.37 billion in FY06. The global IT/BPO revenues increased from Rs 2.02 billion to Rs 3.01 billion during this period.
The consolidated total income for the year was Rs 4.69 billion as compared to Rs 6.13 billion during the year-ago period. The previous year income included an extra-ordinary income by way of capital gains of Rs 2.79 billion arising out of swap of shares in Fascel with shares in HEL in the books of its subsidiary IndusInd Telecom Network Ltd. HTMT’s share of profit from the said swap booked during the year was Rs 1.73 billion.

“The consolidated net profit for the year after considering minority interest was Rs 259 million, which is not comparable with previous year for these reasons,” the company said in a release.

HTMT’s standalone total income during the year rose 50 per cent to Rs 2.51 billion as against Rs 1.67 billion a year ago. Net profit for the year, however, was lower at Rs 402 million as against Rs 700.5 million. “The performance was impacted mainly due to loss of a US based telecom client during the previous financial year, for which HTMT was operating an inbound call centre at Bangalore at minimum guaranteed volumes. This was coupled with large set up costs on account of furious ramp-ups in the company’s newly started domestic BPO operations,” the release said.

MUMBAI: MTV US and Apple have announced that new television programming from Spike TV, Nick at Nite, TV Land, Logo, MTV and The N is now available on the iTunes music store.

Adding to the hit MTV Networks content already on iTunes, this new round of programming available for purchase and download crosses virtually every genre and includes Spike TV‘s brand-new action series Blade: The Series MTV‘s prank-comedy show Viva La Bam and TV Land‘s Sit Down Comedy with David Steinberg. MTV‘s programming had debuted earlier this year on iTunes. Comedy Central‘s South Park sold over one million episodes. iTunes now offers over 150 TV shows for $1.99 per episode for viewing on a computer or iPod.

MTV digital media executive VP Nicholas Lehman says, “At MTV Networks, our brands create some of the most vibrant, entertaining and pop culture-defining programming today. We are excited to add more of our diverse programming to iTunes and to connect a broad digital audience with our bold entertainment content.”

Apple‘s VP iTunes Eddy Cue says, “MTV Networks‘ programming has been a hit with customers since launching on iTunes earlier this year. iTunes is the world‘s most popular online video store with over 35 million videos sold, and we continue to expand the catalogue of great television content now with over 150 network and cable programmes available.”

MUMBAI: MobiTV, Inc., a global player in television and digital radio services for cellular, WiFi and broadband enabled devices, has announced the immediate availability of the MobiTV service for Windows Mobile powered phones and devices. Windows Mobile 5.0 Smartphones feature full-screen viewing, a home-like electronic programming guide and much more.

“We already support over 100 different mobile devices and are excited to offer this new version for Windows Mobile powered devices,” says MobiTV product management director Ben Feinman. “Windows Mobile is particularly well-suited for multimedia and the experience is amazing. We think everyone needs to see it to believe it.”

“Windows Mobile enables people to have a single device that goes beyond email and can be customized to suit their active lifestyle,” adds Microsoft Corporation lead product manager James Pratt. “The combination of Windows Mobile and MobiTV delivers a rich multimedia experience empowering people to take their favorite entertainment with them wherever they go.”

“At Handango, our customers expect to find the latest and greatest mobile content for their devices, which is what our exclusive release of MobiTV‘s Windows Mobile applications provide,” says president and chief executive officer of Handango, Randy Eisenman. “The MobiTV subscription application, which utilizes the Handango Mobile Billing API, is a great way to stay entertained while on the go. We are excited to partner closely with MobiTV by powering its storefront with the Handango Commerce Engine, as well as providing our customers with yet another outstanding Windows Mobile product.”

MobiTV and Microsoft recently demonstrated the MobiTV service on Windows Mobile-powered devices, as well as on the Microsoft Windows Media platform for the launch of MobiTV‘s new PC service, states a release.

MUMBAI: The US-based Interactive Television Networks, Inc., a global player in Internet Protocol Television (IPTV), has announced the launch of its ITVN Asia service.

“We are very excited to introduce ITVN‘s revolutionary technology to the Asian market,” says ITVN Asia MD Noah Lieberman. “We anticipate a robust response to ITVN in these markets, as the high speed internet infrastructure in the Asia Pacific region has enjoyed widespread development, especially in countries such as Japan where IPTV customers enjoy fiber-optic cable at speeds up to 100 Mbps.”

By the end of 2007, everyone in Japan will have access to high speed internet, according to a plan by the Japanese government.

As part of their multi-year agreement, ITVN Asia has pre-purchased ITVN subscription services and hardware as well as committed to short and long term subscriber targets, states an official release.

“We are pleased to be able to extend the ITVN brand into these new markets,” says ITVN CEO Charles Prast. “ITVN Asia users will initially enjoy Silver Screen, which delivers the golden age of cinema to their home television. In addition to Silver Screen, ITVN Asia plans to launch additional music, movie, sports and video game channels.”