Tag: Subhash Chandra

Demonetisation impacts ZEEL ad revenue for Q3-17

BENGALURU: The Subhash Chandra led content and broadcast player Zee Entertainment Enterprises Limited (ZEEL) reported a small hike of 3.1 percent in advertisement revenue in the quarter ended 31 December 2016 (Q3-17, current quarter) as compared to the corresponding quarter of the previous year (Q3-16). Consolidated revenue from operations (Total Income from Operations or TIO) increased 3.2 percent year-over-year. Though subscription revenue increased 13.7 percent y-o-y, other sales and services declined 35.5 percent and hence pulled down TIO. ZEEL reported consolidated TIO of Rs 1,639.12 crore in Q3-17 as compared to Rs 1,588.12 crore in Q2-16.

Ad revenue in the current quarter was Rs 945.45 crore (58.3 percent of TIO) as compared to Rs 926.39 crore (58.3 percent of TIO) in Q316. Subscription Income in Q3-17 was Rs 593.46 crore (36.2 percent of TIO) and in Q3-16, it was Rs 521.79 crore (32.8 percent of TIO) Other Sales and Services Income in the current quarter was Rs 90.21 crore (5.5 percent of TIO) as compared to Rs 139.94 crore (8.8 percent of TIO) in Q3-16.

ZEEL chairman Chandra said, “Government’s decision to demonetise high value currency had an impact on businesses across sectors. Notwithstanding the short term disruption caused by demonetisation, we believe that it is a step in the right direction. Demonetisation along with implementation of GST and push towards cashless economy would help country’s long term growth.”

ZEEL’s Profit After Tax (PAT) in Q3-17 increased 8.6 percent y-o-y to Rs 250.81 crore (15.3 percent of TIO or margin) from Rs 230.86 crore (14.5 percent margin). Operating Profit (EBIDTA) in the current quarter also increased 19.4 percent y-o-y to Rs 515.79 crore (31.5 percent margin) from Rs 432.16 crore (27/2 percent margin).

Total Expenditure in Q3-17 reduced 2.4 percent to Rs 1,148.23 crore (70.1 percent of TIO) from Rs 1,176.31 crore (74.1 percent of TIO) in Q3-16.

Finance costs in the current quarter reduced 14.7 percent y-o-y to Rs 9.02 crore (0.6 percent of TIO) from Rs 10.57 crore (0.7 percent of TIO) in the corresponding year ago quarter.

Employee benefit expense in Q3-17 increased 13.2 percent to Rs 141.88 crore (8/7 percent of TIO) from Rs 125.34 crore (7.9 percent of TIO) in Q3-16.

The company spent 12.4 percent less towards Advertising and Publicity expense in the current quarter at Rs 104.90 crore (6.4 percent of TIO) as compared to Rs 119.75 crore (7.5 percent of TIO) in Q3-16.

Company speak

Chandra said further, “The result once again demonstrates our commitment towards profitable growth and enhancing shareholders’ wealth. Despite the impact of demonetisation, we have delivered growth in advertising revenues and growth in subscription revenues remained strong. We believe the adverse impact of demonetisation is transient and with a strong portfolio of national and regional channels we are confident of delivering sustainable growth.”

ZEEL managing director and CEO Punit Goenka said, “We are happy to deliver another quarter of strong profit growth in a challenging environment. Despite the impact of demonetisation on our advertising revenues, we have improved our EBITDA margins. This highlights our ability to manage costs to drive profitable growth on a consistent basis.”

Gonka revealed, “Acquisition of broadcasting business of RBNL is in line with our strategy to expand our offering in key genres and focus on regional space. BIG Magic, a comedy channel, will complement our Hindi GEC portfolio. BIG Ganga, the leading Bhojpuri channel, will give us entry into the attractive Bhojpuri market. We are confident that these two channels will benefit immensely from the strength of our network.”

Goenka informed, “The deceleration in our advertising revenue growth during the quarter is largely attributable to demonetisation. Advertisers’ willingness to invest in their brands remains intact. However, the timing of spends has been re-calibrated to an extent to suit the change in dynamics due to demonetisation. As economic situation is normalizing, ad spends have already started moving up from December levels.”

International Business

In its earnings release, ZEEL said that its international business continues to perform strongly driven by global demand for our products. For Q3-17 the international business had total revenue of Rs 253 crore which included Advertisement Revenue of Rs 81.70 crore; subscription Revenue of Rs 111.7 core and other Sales and Services of Rs 59.6 crore.

Note: (1) The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:

(a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.

(b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

(2) All numbers in this report are consolidated unless stated otherwise.

(3) Some of the numbers have been rounded off

January 24, 2017
Demonetisation impacts ZEEL ad revenue for Q3-17

BENGALURU: The Subhash Chandra led content and broadcast player Zee Entertainment Enterprises Limited (ZEEL) reported a small hike of 3.1 percent in advertisement revenue in the quarter ended 31 December 2016 (Q3-17, current quarter) as compared to the corresponding quarter of the previous year (Q3-16). Consolidated revenue from operations (Total Income from Operations or TIO) increased 3.2 percent year-over-year. Though subscription revenue increased 13.7 percent y-o-y, other sales and services declined 35.5 percent and hence pulled down TIO. ZEEL reported consolidated TIO of Rs 1,639.12 crore in Q3-17 as compared to Rs 1,588.12 crore in Q2-16.

Ad revenue in the current quarter was Rs 945.45 crore (58.3 percent of TIO) as compared to Rs 926.39 crore (58.3 percent of TIO) in Q316. Subscription Income in Q3-17 was Rs 593.46 crore (36.2 percent of TIO) and in Q3-16, it was Rs 521.79 crore (32.8 percent of TIO) Other Sales and Services Income in the current quarter was Rs 90.21 crore (5.5 percent of TIO) as compared to Rs 139.94 crore (8.8 percent of TIO) in Q3-16.

ZEEL chairman Chandra said, “Government’s decision to demonetise high value currency had an impact on businesses across sectors. Notwithstanding the short term disruption caused by demonetisation, we believe that it is a step in the right direction. Demonetisation along with implementation of GST and push towards cashless economy would help country’s long term growth.”

ZEEL’s Profit After Tax (PAT) in Q3-17 increased 8.6 percent y-o-y to Rs 250.81 crore (15.3 percent of TIO or margin) from Rs 230.86 crore (14.5 percent margin). Operating Profit (EBIDTA) in the current quarter also increased 19.4 percent y-o-y to Rs 515.79 crore (31.5 percent margin) from Rs 432.16 crore (27/2 percent margin).

Total Expenditure in Q3-17 reduced 2.4 percent to Rs 1,148.23 crore (70.1 percent of TIO) from Rs 1,176.31 crore (74.1 percent of TIO) in Q3-16.

Finance costs in the current quarter reduced 14.7 percent y-o-y to Rs 9.02 crore (0.6 percent of TIO) from Rs 10.57 crore (0.7 percent of TIO) in the corresponding year ago quarter.

Employee benefit expense in Q3-17 increased 13.2 percent to Rs 141.88 crore (8/7 percent of TIO) from Rs 125.34 crore (7.9 percent of TIO) in Q3-16.

The company spent 12.4 percent less towards Advertising and Publicity expense in the current quarter at Rs 104.90 crore (6.4 percent of TIO) as compared to Rs 119.75 crore (7.5 percent of TIO) in Q3-16.

Company speak

Chandra said further, “The result once again demonstrates our commitment towards profitable growth and enhancing shareholders’ wealth. Despite the impact of demonetisation, we have delivered growth in advertising revenues and growth in subscription revenues remained strong. We believe the adverse impact of demonetisation is transient and with a strong portfolio of national and regional channels we are confident of delivering sustainable growth.”

ZEEL managing director and CEO Punit Goenka said, “We are happy to deliver another quarter of strong profit growth in a challenging environment. Despite the impact of demonetisation on our advertising revenues, we have improved our EBITDA margins. This highlights our ability to manage costs to drive profitable growth on a consistent basis.”

Gonka revealed, “Acquisition of broadcasting business of RBNL is in line with our strategy to expand our offering in key genres and focus on regional space. BIG Magic, a comedy channel, will complement our Hindi GEC portfolio. BIG Ganga, the leading Bhojpuri channel, will give us entry into the attractive Bhojpuri market. We are confident that these two channels will benefit immensely from the strength of our network.”

Goenka informed, “The deceleration in our advertising revenue growth during the quarter is largely attributable to demonetisation. Advertisers’ willingness to invest in their brands remains intact. However, the timing of spends has been re-calibrated to an extent to suit the change in dynamics due to demonetisation. As economic situation is normalizing, ad spends have already started moving up from December levels.”

International Business

In its earnings release, ZEEL said that its international business continues to perform strongly driven by global demand for our products. For Q3-17 the international business had total revenue of Rs 253 crore which included Advertisement Revenue of Rs 81.70 crore; subscription Revenue of Rs 111.7 core and other Sales and Services of Rs 59.6 crore.

Note: (1) The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:

(a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.

(b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

(2) All numbers in this report are consolidated unless stated otherwise.

(3) Some of the numbers have been rounded off

January 24, 2017
Is ETV’s Jagdish Chandra joining Zee Media?

MUMBAI: ETV News Network’ Jagdish Chandra has called it a day as the company’s CEO and has already served his notice period.

Chandra, a source said, plans to join Zee Media Corporation and is already negotiating with Essel Group chairman Subhash Chandra. He was not available for comment.

It is interesting to note that Zee Business, an arm of Zee Media, does not have a head as of yet.

Chandra was a senior administrator in Rajasthan before he took voluntary retirement in 2008 to join ETV Madhya Pradesh and ETV Rajasthan, and also head the editorial section.

Recently, ETV hired Samsung’s Rajiv Mishra as the business head for the group to manage satellite TV channels namely — News18 Tamil Nadu, News18 Kerala, News18 Assam and North East, ETV Rajasthan, ETV Uttar Pradesh and Uttrakhand, ETV Madhya Pradesh and Chhattisgarh, ETV Bihar and Jharkhand, ETV Urdu, ETV Haryana and Himachal Pradesh, ETV News Gujarati, ETV News Bangla, ETV News Kannada and ETV News Odia.

TV18 Broadcast, a subsidiary of Network 18, acquired the Ramoji Rao-promoted ETV network in January 2014 for Rs 2,053 crore. The deal resulted in it acquiring 100 per cent of regional Hindi news channels ETV Uttar Pradesh, ETV Madhya Pradesh, ETV Rajasthan, ETV Bihar and ETV Urdu and 50 per cent in ETV Marathi, ETV Kannada, ETV Bangla, ETV Gujarati and ETV Odia.

Telugu news and GEC channels ETV Telugu and ETV Telugu News will, however, see TV18 owning only 24.50 per cent equity.

January 4, 2017
Is ETV’s Jagdish Chandra joining Zee Media?

MUMBAI: ETV News Network’ Jagdish Chandra has called it a day as the company’s CEO and has already served his notice period.

Chandra, a source said, plans to join Zee Media Corporation and is already negotiating with Essel Group chairman Subhash Chandra. He was not available for comment.

It is interesting to note that Zee Business, an arm of Zee Media, does not have a head as of yet.

Chandra was a senior administrator in Rajasthan before he took voluntary retirement in 2008 to join ETV Madhya Pradesh and ETV Rajasthan, and also head the editorial section.

Recently, ETV hired Samsung’s Rajiv Mishra as the business head for the group to manage satellite TV channels namely — News18 Tamil Nadu, News18 Kerala, News18 Assam and North East, ETV Rajasthan, ETV Uttar Pradesh and Uttrakhand, ETV Madhya Pradesh and Chhattisgarh, ETV Bihar and Jharkhand, ETV Urdu, ETV Haryana and Himachal Pradesh, ETV News Gujarati, ETV News Bangla, ETV News Kannada and ETV News Odia.

TV18 Broadcast, a subsidiary of Network 18, acquired the Ramoji Rao-promoted ETV network in January 2014 for Rs 2,053 crore. The deal resulted in it acquiring 100 per cent of regional Hindi news channels ETV Uttar Pradesh, ETV Madhya Pradesh, ETV Rajasthan, ETV Bihar and ETV Urdu and 50 per cent in ETV Marathi, ETV Kannada, ETV Bangla, ETV Gujarati and ETV Odia.

Telugu news and GEC channels ETV Telugu and ETV Telugu News will, however, see TV18 owning only 24.50 per cent equity.

January 4, 2017
Siti Networks appoints Sanjay Berry as CFO

MUMBAI: Siti Networks Ltd, a sister company of Zee group, has appointed Sanjay Berry as the chief financial officer of the company.

The new CFO Berry was working as the corporate financial controller with Bharti Enterprises. Berry has been handling finance function with expertise in financial management, compliance and internal controls. In his 25 years of work life, he had varied experience with Computer Sciences Corporation, Bharti Airtel, Patni Computer Systems, HCL Technologies and Arthur Andersen & Associates.

Siti Networks got its new sobriquet earlier this year. Prior to this it was known as Siti Cable Network Ltd.

It has gained respect from the cable community and is reputed to have a robust business model. In August this year, got board approval to raise up to $100 million through the issuance of securities.

Siti Networks has chalked up improved financials in its latest quarter financials. It reported a 23.6 percent and 2.9 percent year-over-year (y-o-y) growth in operating revenue and EBIDTA including other income for the quarter ended 30 September 2106 (Q2-17, current quarter). The growth in revenue was led by a 33.3 percent y-o-y growth in restated subscription revenue on net billing basis of Rs 135.3 crore (46.8 percent of Total Income from Operations or TIO) as compared to Rs 101.5 crore (43.4 percent of TIO) reported for the corresponding year ago quarter.

The company’s cable TV customer base was stable at 1.22 crore in the current quarter as compared to the immediate trailing quarter. The company had 1.07 crore cable customers in Q2-16. The company says that is now present in 400 plus locations in India serving a total digital subscriber base of 87 lakh customers. For the last quarter the company had reported a digital subscriber base of 84 lakh and 59 lakh for Q2-16.

Broadband revenue increased 167.7 percent y-o-y to Rs 24.9 crore (8.6 percent of TIO) in the current quarter from Rs 9.3 crore (4 percent of TIO) in Q2-16.

By bringing in Berry who has a telecom background Siti Networks has indicated that its focus on the broadband sector is likely to increase as well that it is working on putting in place more rigorous financial processes in its operations.

December 19, 2016
Siti Networks appoints Sanjay Berry as CFO

MUMBAI: Siti Networks Ltd, a sister company of Zee group, has appointed Sanjay Berry as the chief financial officer of the company.

The new CFO Berry was working as the corporate financial controller with Bharti Enterprises. Berry has been handling finance function with expertise in financial management, compliance and internal controls. In his 25 years of work life, he had varied experience with Computer Sciences Corporation, Bharti Airtel, Patni Computer Systems, HCL Technologies and Arthur Andersen & Associates.

Siti Networks got its new sobriquet earlier this year. Prior to this it was known as Siti Cable Network Ltd.

It has gained respect from the cable community and is reputed to have a robust business model. In August this year, got board approval to raise up to $100 million through the issuance of securities.

Siti Networks has chalked up improved financials in its latest quarter financials. It reported a 23.6 percent and 2.9 percent year-over-year (y-o-y) growth in operating revenue and EBIDTA including other income for the quarter ended 30 September 2106 (Q2-17, current quarter). The growth in revenue was led by a 33.3 percent y-o-y growth in restated subscription revenue on net billing basis of Rs 135.3 crore (46.8 percent of Total Income from Operations or TIO) as compared to Rs 101.5 crore (43.4 percent of TIO) reported for the corresponding year ago quarter.

The company’s cable TV customer base was stable at 1.22 crore in the current quarter as compared to the immediate trailing quarter. The company had 1.07 crore cable customers in Q2-16. The company says that is now present in 400 plus locations in India serving a total digital subscriber base of 87 lakh customers. For the last quarter the company had reported a digital subscriber base of 84 lakh and 59 lakh for Q2-16.

Broadband revenue increased 167.7 percent y-o-y to Rs 24.9 crore (8.6 percent of TIO) in the current quarter from Rs 9.3 crore (4 percent of TIO) in Q2-16.

By bringing in Berry who has a telecom background Siti Networks has indicated that its focus on the broadband sector is likely to increase as well that it is working on putting in place more rigorous financial processes in its operations.

December 19, 2016
Essel Group to acquire further 4.95 per cent in Dish TV Videocond2h from Dhoots

MUMBAI: The Essel group today announced that it has agreed with the Dhoot family that it will acquire an additional 4.95 per cent equity of Dish TV Videocon d2h (DTV d2h) – the company being created out of the merger of Dish TV India Ltd (DTIL) and Videocon d2h Ltd (VD2h).

The additional transaction will take place a day after the merged entity starts trading on the National stock exchanges at the first day’s closing price. The deal will take placed through Essel group company Veena Investments.

The purchase will see the Essel group’s equity holding in Dish TV Videocon d2h (DTVd2h) go up to 40.95 per cent. The media group’s share of DTVd2h will further rise as it has agreed with the Dhoot family to acquire an additional 4.95 per cent equity shares from it a year after the merged entity starts trading on the NSE. Both will have a window of three months to complete the transaction then.

The Dhoot family’s equity stake in DTVd2h will fall to 23.05 following the first sale and to 18.1 per cent following the second, while the Essel group’s holding will rise to 45.9 per cent at the end of the second transaction. This clearly indicates who will be in the drivers seat at DTVd2h – Jawahar Goel, the brother of media baron Subhash Chandra.

The two family groups had earlier this month announced the merger of their two firms which would result in the creation of a pay TV provider with a subscriber base of 27.6 million, making it the second largest in the world just after the US pay TV giant DirecTV and ahead of John Malone’s Charter Communications.

Pre-merger, the Essel group owns 64.44 per cent equity in DTIL, the Dhoot family owns 51.17 per cent in Vd2h. 35.95 per cent of the latter’s holding is in the hands of overseas depository holders on Nasdaq on which it is listed. The firm is to be delisted from the US exchange and the depositary receipt holders will have the option to directly get shares of DTVd2h or its GDRs as the latter is expected to be listed on the Luxemborg stock exchange apart from the Bombay stock exchange and the NSE.

November 29, 2016
Essel Group to acquire further 4.95 per cent in Dish TV Videocond2h from Dhoots

MUMBAI: The Essel group today announced that it has agreed with the Dhoot family that it will acquire an additional 4.95 per cent equity of Dish TV Videocon d2h (DTV d2h) – the company being created out of the merger of Dish TV India Ltd (DTIL) and Videocon d2h Ltd (VD2h).

The additional transaction will take place a day after the merged entity starts trading on the National stock exchanges at the first day’s closing price. The deal will take placed through Essel group company Veena Investments.

The purchase will see the Essel group’s equity holding in Dish TV Videocon d2h (DTVd2h) go up to 40.95 per cent. The media group’s share of DTVd2h will further rise as it has agreed with the Dhoot family to acquire an additional 4.95 per cent equity shares from it a year after the merged entity starts trading on the NSE. Both will have a window of three months to complete the transaction then.

The Dhoot family’s equity stake in DTVd2h will fall to 23.05 following the first sale and to 18.1 per cent following the second, while the Essel group’s holding will rise to 45.9 per cent at the end of the second transaction. This clearly indicates who will be in the drivers seat at DTVd2h – Jawahar Goel, the brother of media baron Subhash Chandra.

The two family groups had earlier this month announced the merger of their two firms which would result in the creation of a pay TV provider with a subscriber base of 27.6 million, making it the second largest in the world just after the US pay TV giant DirecTV and ahead of John Malone’s Charter Communications.

Pre-merger, the Essel group owns 64.44 per cent equity in DTIL, the Dhoot family owns 51.17 per cent in Vd2h. 35.95 per cent of the latter’s holding is in the hands of overseas depository holders on Nasdaq on which it is listed. The firm is to be delisted from the US exchange and the depositary receipt holders will have the option to directly get shares of DTVd2h or its GDRs as the latter is expected to be listed on the Luxemborg stock exchange apart from the Bombay stock exchange and the NSE.

November 29, 2016
ZEEL to acquire Reliance entertainment TV business

MUMBAI: After selling its sports telecast business to Sony, the Subhash Chandra-led Zee group is on an acquisition spree. Two separate developments today saw Zee, through two different corporate entities, take full control of the general entertainment TV business and 49 per cent stake in the radio business of the Anil Ambani-led Reliance ADA group.

With these developments, speculation too has been proved correct that Anil Ambani’s Reliance is fast reducing its exposure in the media sector. Some other group companies of Ambani also control a DTH operation run under the brand name Reliance BIG TV. Reliance Capital informed the stock exchanges that by shedding its radio and TV assets it will reduce its debt by approximately Rs. 1,900 crore (US$ 283 million) upon final completion of stake sale transactions.

The board of directors of Zee Entertainment Enterprises Limited (ZEEL) today approved the acquisition of the general entertainment broadcasting business of Reliance Big Broadcasting Private Limited, Big Magic Limited and Azalia Broadcast Private Limited, all part of Anil Ambani-led Reliance Group Entities.

The acquisition has been facilitated through a scheme of demerger and execution of definitive agreements in relation to such proposed acquisition. The general entertainment TV broadcasting business undertaking, along with its assets, liabilities, licenses, trademarks etc., shall get demerged from BIG Magic Ltd, Reliance Big Broadcasting Private Ltd and Azalia Broadcast Private Ltd into ZEEL through a court-approved scheme.

The TV broadcasting business of Reliance Group entities currently comprises two operational general entertainment channels — Hindi comedy channel BIG Magic and Bhojpuri-language GEC BIG Ganga — and four other TV licenses.

ZEEL MD & CEO Punit Goenka, in a statement said, “We are pleased to announce this acquisition which further adds to our expanding universe of general entertainment channels. BIG Magic gives us access to comedy genre enhancing our customer offerings. BIG Ganga syncs with our strategy of expanding into the regional markets, which offer attractive growth potential.”

According to Reliance Capital ED and Group CEO Sam Ghosh, “We are happy to divest 100 per cent of our general entertainment TV business to Zee Entertainment. This transaction is part of our strategy to reduce exposure in non-core businesses and work towards further reducing debt under Reliance Capital.”

The final acquisitions are subject to regulatory approvals and could take a year to be completed.

November 23, 2016
ZEEL to acquire Reliance entertainment TV business

MUMBAI: After selling its sports telecast business to Sony, the Subhash Chandra-led Zee group is on an acquisition spree. Two separate developments today saw Zee, through two different corporate entities, take full control of the general entertainment TV business and 49 per cent stake in the radio business of the Anil Ambani-led Reliance ADA group.

With these developments, speculation too has been proved correct that Anil Ambani’s Reliance is fast reducing its exposure in the media sector. Some other group companies of Ambani also control a DTH operation run under the brand name Reliance BIG TV. Reliance Capital informed the stock exchanges that by shedding its radio and TV assets it will reduce its debt by approximately Rs. 1,900 crore (US$ 283 million) upon final completion of stake sale transactions.

The board of directors of Zee Entertainment Enterprises Limited (ZEEL) today approved the acquisition of the general entertainment broadcasting business of Reliance Big Broadcasting Private Limited, Big Magic Limited and Azalia Broadcast Private Limited, all part of Anil Ambani-led Reliance Group Entities.

The acquisition has been facilitated through a scheme of demerger and execution of definitive agreements in relation to such proposed acquisition. The general entertainment TV broadcasting business undertaking, along with its assets, liabilities, licenses, trademarks etc., shall get demerged from BIG Magic Ltd, Reliance Big Broadcasting Private Ltd and Azalia Broadcast Private Ltd into ZEEL through a court-approved scheme.

The TV broadcasting business of Reliance Group entities currently comprises two operational general entertainment channels — Hindi comedy channel BIG Magic and Bhojpuri-language GEC BIG Ganga — and four other TV licenses.

ZEEL MD & CEO Punit Goenka, in a statement said, “We are pleased to announce this acquisition which further adds to our expanding universe of general entertainment channels. BIG Magic gives us access to comedy genre enhancing our customer offerings. BIG Ganga syncs with our strategy of expanding into the regional markets, which offer attractive growth potential.”

According to Reliance Capital ED and Group CEO Sam Ghosh, “We are happy to divest 100 per cent of our general entertainment TV business to Zee Entertainment. This transaction is part of our strategy to reduce exposure in non-core businesses and work towards further reducing debt under Reliance Capital.”

The final acquisitions are subject to regulatory approvals and could take a year to be completed.

November 23, 2016