,%20is%20getting%20ready%20for%20a%20bigger%20entertainment%20play%20by%20entering%20the%20booming%20movie%20exhibition%20segment.%20The%20group%20plans%20to%20purchase%20multiplexes%20and%20single-screen%20theatres%20or%20acquire%20companies%20that%20are%20already%20into%20the%20exhibition%20business.%20The%20group%20intends%20to%20invest%20Rs%20500%20crore%20over%20the%20next%202-3...){kind=link}
Hinduja Group To Foray Into Movie Exhibition
The Hinduja group, which has presence in the media business through IndusInd Media
Communication Ltd (IMCL), is getting ready for a bigger entertainment play by entering the booming movie exhibition segment. The group plans to purchase multiplexes and single-screen theatres or acquire companies that are already into the exhibition business.The group intends to invest Rs 500 crore over the next 2-3 years in exhibition, content, production and distribution, Hinduja TMT (HTMT) co-chairman Ramkrishan P Hinduja, said. Rs 500 crore will be invested in the first phase in growing existing businesses and in acquisitions in the market, he said.
HTMT, the residual entity after hiving off the technology business, is the holding company for the media business.
The acquisitions will be funded through a mix of equity and debt. About Rs 250 crore has been tentatively earmarked for acquisitions.
The Reliance-Anil Dhirubhai Ambani group, PVR Films and Inox Leisure are some of the major players in the movie exhibition space.
The Hinduja group is currently present only in the distribution and content business through In2Cable and InNetwork Entertainment. Both of these arms are to be merged into IMCL under the proposed re-structuring of the group's media business. The cable business has about 4.5 million subscribers with a presence in 14 cities.
The group is also in advanced discussions with financial and strategic investors who want to participate in the media arm, Hinduja said. "We are looking at a strategic investor or private equity fund that can add value to the business and not just bring in funds," he said. The investment will be either through IMCL or in HTMT. IMCL already has two strategic investors, Intel and Kudelski, which together hold about 5%. The media business has a turnover of Rs 160 crore.
About Hinduja Group
The saga of the Hinduja Group started in Sind, the cradle of the Indus Valley Civilization, where more than 5,000 years ago, the human race learnt its first lessons in organized business and banking. Parmanand Deepchand Hinduja, a young entrepreneur from the fabled town of Shikarpur, realized early in life that business was all about spotting opportunities, and seizing them wherever they surfaced. Today, the Hinduja Group has become one of the largest diversified groups in the world spanning all the continents. The Group employs over 40,000 people and has offices in many key cities of the world and all the major cities in India.
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