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"IN CableNet forges Broadband
Strategic Alliance with Intel"
"IN CableNet forges Broadband Strategic Alliance with Intel"
Mumbai, April 25, 2000 ---- Hinduja Finance and Intel Corporation
today announced Intel Capital's investment for a 49 percent
equity in a subsidiary of Hinduja Finance (Grant Investrade
Pvt. Ltd.). Grant Investrade, in turn, is already holding 3.5
percent in IndusInd Media & Communications Ltd (IMC) and will
increase it's holding to 6.7 percent by directing the investment
from Intel into IMC. IMC operates under the brand name IN CableNet.
Intel Capital's ultimate total investment could be increased
up to 20 percent in IMC. The investment is subject to Indian
regulatory clearances.
"This investment reflects Intel's ongoing commitments to enable
rapid deployment of high-speed Broadband internet access on
a world wide basis", said Claude Leglise, Intel's Vice President
and General Manager, Intel Home Products Group. "We have decided
to participate in IN CableNet, India's largest Multi-Systems
Operator (MSO), based on IN CableNet's unique market positioning,
the company's vision, capabilities and our common objectives
for the Indian broadband market segment".
IN CableNet is the only corporate effort in India, to build
the information super highway, with the first 550 MHz cable
system, being up-graded to Broadband network with fiber optic
trunks. It offers high quality multi-channel transmission to
more than four million Indian homes. It is classified amongst
the 10 largest Cable TV Operators in the world in terms of subscribers.
The network operates in nine cities with market leadership.
In Mumbai, it serves over 80 percent of the cable market and
in the principle cities of Delhi, Bangalore, Hyderabad and Ahmedabad,
it has over 60 percent of the Cable & Satellite market segments.
Mr. Ashok P. Hinduja, Chairman, Hinduja Finance, recently announced
the Group's "TMT" strategy continuing to create value through
the convergence of Technology, Media and Telecommunications.
"We believe this relationship with Intel will add significant
momentum to IN CableNet 's deployment plans of Broadband to
strengthen the Group's leadership position in the convergence
space."
"This investment is strategically important to Intel South Asia,
it reflects the importance we place on developing Broadband
infrastructure to address the growing demand for internet access
in the Indian market," said Avtar Saini, Director of Intel South.
"Over the past 15 months, we have invested in 15 companies in
India. Today's announcement is the largest Foreign Direct Investment
(FDI) in Indian Broadband infrastructure and reflects our commitment
to invest in India's growing technology sector".
The IN CableNet success story has taken five years, said Mr.
A. K. Das, Chairman, IndusInd Media & Communications. With its
market segment leadership position and its dynamic management,
the company will now exponentially grow to expand operations
on a nationwide basis. The IN CableNet infrastructure will be
enhanced with state-of-the-art technology to make convergence
a household reality. We are excited about this new association
with Intel Capital, which will enable IN CableNet to continue
to maintain the technological edge.
Intel, the world's largest chipmaker, is also the leading manufacturer
of computer, networking and communication products. Additional
information is available at www.intel.com/pressroom. Intel Capital,
Intel's strategic investment program, focuses on making equity
investments and acquisitions to grow the internet economy, including
internet infrastructure, content and services in support of
Intel's strategic interests. In India, Intel Capital invests
through Intel Pacific Inc., a subsidiary of Intel Corporation.
The Hinduja Group is a global conglomerate operating in more
than 20 countries and employing over 25,000 employees. The Group's
activities encompass eight strategic business sectors, including
Automotive and Transport; Oil and Energy; Banking and Finance;
Infrastructure Project Development, Pharmaceuticals; Chemicals
& Agri - Business; Communications, Media & Technology; Trading
& Marketing and Reality Business. |
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