ITV

Tag: InNetwork Entertainment

  • Hinduja TMT Q2 net rises 126 %

    Hinduja TMT Q2 net rises 126 %

    MUMBAI: Hinduja TMT Ltd has reported a net profit of Rs 158.40 million for the quarter ended 30 September as compared to Rs 70.19 million for the corresponding quarter in 2001.

    Total income has increased from Rs 131.05 million to Rs 282.06 million, a company statement said.

    Hinduja TMT at its board meeting held today also approved in-principle the merger of two of its media-content subsidiaries ‘IndusInd Entertainment Ltd’ which operates the popular local channel ‘In Mumbai’ and ‘Cable Video India Ltd’ which operates Hindi Movie Channel ‘CVO’ into ‘InNetwork Entertainment Ltd’ its subsidiary for all its media-content business.

    S Solomon Raj vice-chairman, HTMT, was quoted as saying:

    “The tremendous growth in our performance during the first half of the current fiscal as compared to the previous year was due to the ramping up of our core activity of IT and ITES. The results are in accordance with the guidance for FY 2002-03. The merger of three of our media – content subsidiaries will result in operational synergies and facilitate consolidation, development and expansion of our content business.”

  • Hinduja TMT to buy up 100% of CVIL

    Hinduja TMT to buy up 100% of CVIL

    MUMBAI: As a first step towards consolidating the businesses of its media content companies, Hinduja TMT Ltd (HTMT) is acquiring 100 per cent equity control over its movie channel subsidiary Cable Video India Ltd (CVIL) by buying out the 49 per cent stake of private shareholders.

    HTMT and ‘InNetwork Entertainment Ltd’ (InNetwork), its media holding subsidiary, jointly hold 51 per cent stake in CVIL. Asia Vision Entertainment Private Ltd (AVEPL) and its associates presently hold the balance 49 per cent. In the proposed move, InNetwork would acquire the 49 per cent of equity from AVEPL and its associates. HTMT and its subsidiary InNetwork will thus own CVIL’s entire equity, a company release says.

    CVIL owns and operates CVO, a Hindi movie cable channel. CVO, which was launched in 1996, has a library of over 1,600 Hindi films and is today one of the most widely viewed cable channels in India with a coverage of over 6 million households in 104 centres across the country, the release says.

    The release further says that CVIL proposes to start an interactive music channel and digitize its content in order to deliver value added services like pay per view, video on demand etc under Conditional Access System regime, which is in the process of being legislated by the Indian government.