Grant Investrade Pvt Ltd, a wholly owned subsidiary of Hinduja Ventures Ltd, on Monday said it has planned to inject Rs 300 crore in the cable distribution business managed by INCableNet and INDigital in India.
The capital infusion is happening to take advantage of opportunities thrown by digital conversion from analogue transmission as mandated the government, according to the company.
“Phase I and Phase II of the Digital Addressable System (DAS) have already been completed and several consolidation opportunities are coming up. The capital will be used to expand the digital base of IMCL and to improve customer services,” Hinduja Ventures said in the statement.
Notably, Hinduja Ventures is already a majority shareholder of IndusInd Media & Communication Ltd, which is the cable distribution company of the Hinduja Group.
With estimated 8.5 million subscribers across 36 major cities, the company offers over 350 channels in the digital mode.
InCablenet, which is also part of IndusInd Media & Communications, provides cable television, internet, and telecommunications services for major cities such as Mumbai, Ahmedabad and Delhi.