Grant Investrade, which is a 100 per cent subsidiary of Hinduja Ventures, on June 30 has paid the Rs 10 crore towards the Licenses Fees for Headend-In The-Sky (HITS) to Ministry of Information and Broadcasting (MIB). The Group is now waiting for MIB letter of intent to apply for WPC clearance.
The company will also make the Rs 40 crore bank guarantee deposit to MIB. After submitting the bank guarantee, the company will sign the grant of permission agreement (GOPA) with the MIB, following which it needs a wireless operational licence (WOL) from the Wireless Planning & Coordination (WPA) wing of the Ministry of IT and Communications.
Hinduja Ventures is the holding company of one of India’s largest integrated media companies ‘IMCL’. With an estimated 8.5 million subscribers across 36 major cities, the company offers over 350 channels in the digital mode.
The company plans to offer more than 400 channels to compete with cable TV as well as direct-to-home (DTH) operators. “We need seven to 10 transponders however, we have not yet signed up with any satellite operator yet,” revealed IndusInd Media and Communications Ltd (IMCL) MD and CEO Tony D’Silva.
Source: http://cablequest.org/news/national-news/item/5386-cq-hinduja-pays-hits-license-fee-to-mib.html
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