While the parameters of the valuation have already been worked
out and agreed to with the assistance of the Company's advisors
PriceWaterhouseCoopers (PWC) Corporate Finance group and Amas Securities,
the final valuation will be arrived at on completion of due diligence,
according to a statement from the company.
As earlier reported in indiantelevision.com, Nagravision SA, a
wholly owned subsidiary of Kudelski, will also provide an exclusive
Conditional Access solution to encrypt and secure the digital pay
TV services of IMCL and render turnkey services for deployment of
digital pay TV services.
Nagravision is among the world's largest providers of secure access
to pay TV services via more than 35 million decoder set top boxes
worldwide, the release says. On completion of the deal, IMCL's stakeholders
will include two listed leading technology companies: Intel and
The majority shareholding would continue with IN Network Entertainment
Ltd., and in turn Hinduja TMT Ltd.
Nagravision will supply a turnkey implementation at the heart of
which will be the technology for encryption of Pay TV services (including
Conditional Access System) and Smart Cards for deployment of Digital
set-top boxes in India. It would integrate the CAS with the compression
system/digital headend as well as SMS, billing system and all associated
Nagravision SA of Switzerland, the wholly owned Digital TV and
broadband solutions subsidiary of the Kudelski Group, has been chosen
to exclusively provide comprehensive digital pay TV technology to
IMCL.This technology manages transactions and interactivity while
ensuring that only subscribers who have paid for a service can gain
access. Nagra's principal customers include EchoStar in US, Telewest
and NTL in UK, Premier in Germany and Hong Kong Cable Television
Through IMCL, HTMT has incubated in India an organization that
has rapidly grown in the past 8 years to become India's largest
independent multi system operator (MSO).