NXTDIGITAL Board Approves Sale of Digital and Media Business to Hinduja Global Solutions
NXTDIGITAL Limited (NDL) Board of Directors has given approval in principle for its digital and media businesses comprising broadband, HITS, digital cable TV, content syndication and teleshopping to be acquired by Hinduja Global Solutions Limited (HGSL).
NXTDIGITAL is the media vertical of the global Hinduja Group.
The proposed acquisition will allow NDL shareholders to receive shares of HGS pursuant to the valuation of the share swap and will be subject to all applicable regulatory approvals. The Company will appoint independent valuators to carry out the valuation exercise and submit the report including the share exchange report; in addition to appointing other key intermediaries to facilitate the proposed move.
“This move will provide much needed synergies, leveraging HGS’s inherent expertise in the back-office and digital process space, while allowing the media business to focus on digital expansion. This is consistent with NDL’s vision and mission to be a leading digital platform company, harnessing the best of emerging technologies, while expanding its portfolio of digital solutions across geographies, NXTDIGITAL said in a statement.
NXTDIGITAL provides television services through a dual distribution platform consisting of digital cable and the nation’s only Headend-In-The-Sky (HITS) satellite platform, under the INDigital and NXTDIGITAL brands respectively. The company’s digital cable television platform offers more than 700 channels in more than 100 cities and towns, while the HITS service is available in more than 1,500 cities and towns covering more than 4,500 PIN codes.
The HITS platform also provides infrastructure sharing services to multi-system operators (MSOs); offering them a very cost-effective means of providing their satellite services at a significantly improved level of quality of service
January 15, 2022