ITV

Tag: Yagnesh Sanghrajka

  • Pidilite Ventures hosts ‘Building Bonds 2024’, community building event

    Pidilite Ventures hosts ‘Building Bonds 2024’, community building event

    Mumbai: Pidilite Ventures, the venture capital arm of Pidilite Industries launched its community-building event in Bengaluru titled ‘Building Bonds 2024,’ with support from their partners, 100X.VC. The event gathered trailblazers from the venture capital, start up, and corporate realms, all sharing synergies with Pidilite’s core and adjacent businesses.

    The platform featured over thirty industry experts across seven engaging sessions. The event garnered an overwhelming response, with over 300 participants attending the first edition of ‘Building Bonds 2024.’ The event focused on the following key areas that also form Pidilite Ventures’ core investment thesis:

    Home care & maintenance: Businesses that simplify the process of caring for and maintaining people’s most cherished possession-their homes.

    Contractor as a customer: Solutions and services that cater to contractors in the building and interior space.Home improvement & renovation: Products, solutions & services leading to an improved home; be it aesthetics or utility.

    Arts & craft: New-age and differentiated solutions within the arts and crafts space.

    Smart/Green building materials: Innovators involved in revolutionary building material that are both environmentally friendly and intelligent.

    Pidilite Ventures director Sanket Parekh said, “At Pidilite Ventures, our mission is to invest in fast-growing and innovative companies that have synergies with Pidilite’s core and adjacent businesses. The construction and home improvement categories are usually not associated with tech innovation, and with ‘Building Bonds 2024’ we wanted to take this opportunity to highlight the innovators working in this space and bring more attention to their work. We look forward to seeing the next generation of entrepreneurs creating sustainable innovations, and adding value to their growth journeys, through our experience and expertise.”

    100X.VC founder & CFO Yagnesh Sanghrajka said, “100X.VC strongly believes that innovation thrives with collaboration and is focused on discovering category-defining businesses for Pidilite Ventures. ‘Building Bonds 2024’ has set the stage for the road ahead, and we are very excited about the new possibilities. The platform witnessed some of the best minds from across industries engaging in vibrant discussions, uncovering trends, sharing investment-worthy insights, and exploring innovative sectoral opportunities.”

    Visionaries like, Karan Virwani (CEO, WeWork), Anand Lunia (founding partner, IndiaQuotient)| Arindam Paul (founding member & CBO, Atomberg Technologies), Bhavna Suresh (founder & CEO, 10Club), Ramakant Sharma (founder & COO, Livspace), Tanuj Choudhry (founder & COO, HomeLane), Siddharth Pai (founder, 3one4 Capital), Parag Dhol (general partner, Athera Ventures) Srikanth Iyer (founder & CEO, Homelane), Rajkamal Agarwal (head- L&T Innovation Fund) and Sagar Gandhi (head of strategy and business excellence at Shapoorji Pallonji and Company Pvt Ltd), and many more shared valuable insights.

  • HTMT consolidates media subsidiaries, spins off IT/ITES biz

    HTMT consolidates media subsidiaries, spins off IT/ITES biz

    MUMBAI: Hinduja TMT Limited (HTMT) is unifying its media subsidiaries under one umbrella while spinning off its IT/ITES business into a separate entity. The demerger exercise is to bring independent focus to the two lines of activities, a senior company executive said.

    The residual HTMT (without IT/ITES) will house the media business and have a cash of $125 million. This will be used for new business initiatives, acquisitions and funding the expansion of the media and entertainment business.

    As part of the restructuring, In2Cable (subsidiary which is into broadband business) and InNetwork Entertainment (content) are being merged into IndusInd Media & Communications Ltd (cable TV distribution under Incablenet brand).

    “The parent company for the consolidated media business will be HTMT (an existing listed entity),” said HTMT global chief financial officer Yagnesh Sanghrajka. HTMT will have 60.5 per cent equity of the merged media and entertainment entity while Intel and Kudelski will hold 5 per cent.

    The demerged IT/ITES company, HTMT Technologies Ltd, is expected to list in February-March 2007. It will have a cash of $140 million. The funds will be used for acquisition opportunities overseas, particularly the US, as the company plans to add to its geographical reach and domain competencies.

    The IT/ITES business has a strong presence in Healthcare, Telecom, Consumer Electronics and BFSI segment. It is present in 5 different countries and has a successful track record in acquiring and integrating overseas ITES-BPO companies in the past two years. It is now looking for more such acquisitions in the USA-UK-Latin American markets to consolidate its position and expand inorganically as a leading global player in this industry.

    “Both the entities will have enough cash to pursue their independent expansion plans. The money is from the proceeds of the Hutchison Essar stake sale which fetched $450 million. Out of this, $150 million is for debt repayment while payout towards dividend will be around Rs 1.3 billion. The balance will remain with these two entities,” Sanghrajka said.

    Post restructuring, a shareholder of HTMT holding two equity shares of Rs 10 each would receive one equity share of Rs 10 in HTMT Technologies and one equity share of Rs 10 in HTMT.

    “The restructuring of the media business is from April. The demerger would be recorded from 1 October,” Sanghrajka said.

    The merger of media and entertainment is being done to converge video, voice and data services under one entity as a triple play provider. The merger will bring in operational efficiencies, provide sharper focus on the core business of media & entertainment, telecom and content distribution and ensure smooth implementation of conditional access system (CAS) across Indian cities, packaged with value added services, he added.

    The demerger of the IT/ITES business as well as the restructuring of the media and entertainment entities is subject to requisite statutory approvals and sanction of the Mumbai High Court.

    HTMT also announced a special dividend of Rs 20 per share on shares of Rs 10 each to the shareholders out of the proceeds of the Hutchison Essar sale.