ITV

Tag: Kudelski SA

  • IndusInd sets off Rs 928 m against share premium account

    IndusInd sets off Rs 928 m against share premium account

    MUMBAI: Saddled with bad debts and a “dud” investment on conditional access system (CAS), leading multi system operator IndusInd Media & Communications (IMC) has done a financial restructuring.

    IMC has set off the value of set-top boxes and smart cards of Rs 580.6 million against its share premium account. This is part of the Rs 1 billion total investment the company has made towards CAS.

    The company has also set off bad debts of Rs 347.77 million against its share premium account as on 31 March, 2004. IMC has an additional debt burden of Rs 220 million.

    “We have been having problems of receivables. Besides, the position on CAS was not clear. So we thought it would be a prudent approach to clean up our balance sheet,” says a senior official in the company.

    IMC also felt substantial marketing efforts and extensive awareness campaigns would be required to push for CAS. For long term interests, STBs needed to be seeded on trial basis or deployed under rental schemes to make them attractive.

    IMC has Rs 1134.43 million left in its share premium account as on 31 March, 2004, after making these adjustments. This will be further augmented by an amount of Rs 530.79 million on completion of issue of shares to Kudelski SA.

    Last year, IMC entered into an agreement with Kudelski SA, Switzerland for issuing around 3 per cent of its equity for $12 million.

  • IndusInd offloads 3% stake to Swiss firm Kudelski

    IndusInd offloads 3% stake to Swiss firm Kudelski

    NEW DELHI: IndusInd Media & Communications Ltd. (IMCL), a Hinduja TMT company, has entered into an agreement with Kudelski SA, a listed company of Switzerland for issuing up to 3 per cent of its equity based on IMCL valuation of approximately $ 500 million.
     
     
    While the parameters of the valuation have already been worked out and agreed to with the assistance of the Company’s advisors PriceWaterhouseCoopers (PWC) Corporate Finance group and Amas Securities, the final valuation will be arrived at on completion of due diligence, according to a statement from the company.

    As earlier reported in indiantelevision.com, Nagravision SA, a wholly owned subsidiary of Kudelski, will also provide an exclusive Conditional Access solution to encrypt and secure the digital pay TV services of IMCL and render turnkey services for deployment of digital pay TV services.

    Nagravision is among the world’s largest providers of secure access to pay TV services via more than 35 million decoder set top boxes worldwide, the release says. On completion of the deal, IMCL’s stakeholders will include two listed leading technology companies: Intel and Kudelski.

    The majority shareholding would continue with IN Network Entertainment Ltd., and in turn Hinduja TMT Ltd.

    Nagravision will supply a turnkey implementation at the heart of which will be the technology for encryption of Pay TV services (including Conditional Access System) and Smart Cards for deployment of Digital set-top boxes in India. It would integrate the CAS with the compression system/digital headend as well as SMS, billing system and all associated integration requirements.

    Nagravision SA of Switzerland, the wholly owned Digital TV and broadband solutions subsidiary of the Kudelski Group, has been chosen to exclusively provide comprehensive digital pay TV technology to IMCL.This technology manages transactions and interactivity while ensuring that only subscribers who have paid for a service can gain access. Nagra’s principal customers include EchoStar in US, Telewest and NTL in UK, Premier in Germany and Hong Kong Cable Television in Asia/Pacific.

    Through IMCL, HTMT has incubated in India an organization that has rapidly grown in the past 8 years to become India’s largest independent multi system operator (MSO).