Feb 8: Asia Pacific’s largest direct-to- home (DTH) services provider Dish TV is all set to merge with Videocon d2h. According to reports, the move is aimed at amalgamation of businesses and synchronizing the operations of the two companies.
Dish TV has appointed two directors to the board of Videocon D2H Ltd as part of this move. Amitabh Kumar and Raj Kumar Gupta are have been appointed as directors by Dish TV to derive the benefits and objectives of the scheme.
Taking into consideration the previous events where Videocon entities became subject to insolvency and/or enforcement proceedings by lenders, Dish TV said they are assessing if the issue will have any impact on their privileges and obligations.
The merger will make the company the largest media firm listed in India. Zee group-owned Dish TV unveiled this news soon after the completion of merger got approved by the Information and Broadcasting (I&B) Ministry.
As much as 55.4 percent stake in the firm that will be rechristened as Dish TV Videocon will be owned by the shareholders of Dish TV and the rest 44.6 percent will be held by shareholders of Videocon. As per the 2017 data, post-merger, the giant company will have 29 million subscribers with revenue of Rs 6,086 crore.
Even though certain issues came up on course of the deal, the companies were successful in solving the issues and were able to go forward with the merger deal. As per the reports, the deal is heading for a closure and could be concluded by the end of the month.