(India) Ltd., a wholly owned
subsidiary of Hinduja
TMT Limited (HTMT), is
a "Category A" (all India) ISP licence holder. It offers its
broadband services under an exclusive arrangement with its
group company IndusInd Media and Communications (IMC), using
their existing cable network across India.
commenced operations in 1995 and has built up India's largest
cable television (CATV) network. It currently provides multi-channel
transmission services to approximately 4 million subscribers
under the brand name INCableNet, thus ranking amongst the
12 largest cable TV operators in the world in terms of subscribers.
In addition to Mumbai, IMC's network covers 11 major cities
in northern, southern and western India viz: Delhi,Agra, Hyderabad,
Banglaore, Ahmedabad, Nasik, Belgaum, Indore and Nagpur. IMC
is well advanced in its plan for development of Pay TV platform
with Interactive TV/internet capability.
Intel USA has taken a 3.3% effective equity stake in IMC for
US$49.23 million in May 2000, giving it a benchmark valuation
of US$ 1.5 billion (Rs. 6800 Crores) and making it one of
India's most valuable unlisted companies. The Intel investment
has been routed through Grant Investrade Limited,
a Special Purpose Vehicle, where HTMT holds majority stake.
The proceeds of the investment are being used for enhancing
the broadband capabilities and expansion to other cities.