NEW DELHI: Videocon D2H has entered into a merger agreement with Dish TV, creating a leading cable and satellite distribution platform in India with 27.6 million net subscribers.
The new merged entity will be renamed as Dish TV Videocon, led by Jawahar Lal Goel as chairman and managing director. The Vd2h principals will have the right to nominate two directors on the Dish TV Videocon Board, one of whom will be vice chairman and the other a deputy managing director.
Dish TV Videocon would serve 27.6 million net subscribers in India, out of a total of 175 million TV households.
Lal Goel, the chairman and managing director of Dish TV, said, “We are pleased to announce this combination at a time when the cable and satellite industry in India is rapidly progressing on the path to digitization. This transaction, that brings together two powerhouse brands of the cable and satellite industry in India, will provide us with a gateway to harness growth opportunities in an ultra competitive multi-player environment. This combine will enhance value for all stakeholders—consumers, government, employees and shareholders. Dish TV has been a pioneering and path-breaking company which has taken the pain and responsibility of establishing many new processes, like the electronic and digital payments system that were the business need of the initial years and went on to become the industry norm of a dynamic and throbbing industry. Now, we take the next leap in our very exciting and exhilarating journey.”
Saurabh Dhoot, executive chairman of Vd2h, said, “Since the commercial launch of Vd2h seven years ago, we have created a highly successful and high-growth DTH business with a solid foundation. We went public on the NASDAQ with a vision to take the company to the next level and emerge as a leading, innovative and highly profitable Indian media platform. Today, we are very excited about this strategic combination to create a solid platform with decisive and proven leadership at the front, leading Dish TV Videocon to create value for all stakeholders, our customers, employees and shareholders.”
India’s Videocon D2H & Dish TV to Merge
