MUMBAI, India, Nov. 11, 2015 /PRNewswire/ -- Prime Minister Narendra Modi led NDA government has increased the ceiling on foreign direct investment (FDI) in the media sector as part of its big-bang reform exercise to attract more investment into the country and further globalization of the sector. The government has increased the FDI limit to 100 per cent in the broadcast distribution platforms like cable TV networks (MSOs and LCOs), DTH, teleport, head end-in-the-sky (HITS), mobile TV and broadcasting content services. Previously this limit was 74%.
Mr. Saurabh Dhoot – Executive Chairman, Videocon d2h said, "This will give a boost to the entire investment environment and will lead to globalization of the entire Media sector in India. With more than 150 million Pay TV homes, India is amongst the world's largest Pay TV markets and certainly the fastest growing media market across the world. This will give a chance to several global companies to participate in India's growth story. Our very successful listing on the NASDAQ Stock Exchange is a testimony to global appetite for investing into Indian Pay TV market."
Mr. Anil Khera – Chief Executive Officer, Videocon d2h added, "We strongly welcome this move and expect the current government will carry out all required reforms to unleash the massive potential of Indian Pay TV market. With more than 100 million Digital connections available in the next 5 years, growth opportunity in India is highly undervalued and global participation will help us unleash the same."
Note to Editors: About Videocon d2h
Videocon d2h is India's fastest growing DTH service provider which offers over 525 channels and services. Videocon d2h also offers 41 "HD" channels and services. It launched India's first 4K Ultra HD DTH channel. Videocon d2h offers India's first 1000 GB High Definition Digital Video Recorder and is the first DTH service provider to offer Radio Frequency Remote Control (available with High Definition Digital Set Top Box with unlimited recording). Powered by the MPEG-4 and DVB-S2 technology, Videocon d2h offers services such as 12 PIP Mosaic, d2h Cinema, weather updates and multiple tickers to transform your TV into a hub of entertainment and knowledge. It offers High Definition channels in 1080p, HDD Sound and 16:9 aspect raRene Mullentio. Apart from these, it also offers the Active Music service, which includes 41 Audio / Video active music channels, 24-hrs a day. In addition, Videocon d2h provides round-the-clock prompt and efficient customer support in nine regional languages in addition to English and Hindi from the dedicated 8 Customer care centres present in seven locations. Videocon d2h is the most valued Indian company on NASDAQ by equity market capitalization as of 30th Sept 2015 and was the first Indian media company to be listed on NASDAQ.
Forward looking statements
This announcement may contain forward-looking statements, as defined in the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. We caution you that reliance on any forward-looking statement involves risks and uncertainties that might cause actual results to differ materially from those expressed or implied by such statements. These and other factors are more fully discussed in the Videocon d2h's annual report on Form 20-F filed with the SEC and available at http://www.sec.gov. All information provided in this announcement is as of the date hereof, unless the context otherwise requires. Other than as required by law, Videocon d2h does not undertake to update any forward-looking statements or other information in this announcement.
SOURCE Videocon d2h