Hinduja, the Indian conglomerate company, will have its MD and CEO of IndusInd Media & Communications Ltd (IMCL) and Grant Investrade Ltd (GIL), Tony D’Silva, replaced.
To recall, D’Silva has been holding major management positions in the distribution business for broadcasters like Star and Zee. He was also handling ESPN while heading Modi Entertainment. D’Silva has worked in the Sun Group as well, where he started Sun Direct (DTH business) and became the CEO of Sun Group.
Commenting about the decision, he said: “I decided not to renew my contract. I have worked across the value chain in the broadcast sector and want to take it easy now. IMCL has become a viable organisation, we have brought in operational changes and introduced prepaid. We launched HITS and have sold 800 pieces of COPE (cable operators’ premise equipment). We will be touching 1,000 and there is huge potential to grow the HITS business”.
The Hindujas is actually in the process of obtaining regulatory approvals to move the HITS business form GIL and IMCL (the company under which the cable TV business is being run). Demerging its HITS business, GIL will be merged with IMCL for the creation of a consolidated powerhouse.