Washington, April 8:
After becoming the first Indian communication company to be listed on the prestigious NASDAQ stock market in New York, Videocon d2h remains focused on expanding its services in India in terms of content and reach.
“Videocon d2h is a Indian company focused on the Indian market currently,” Managing Director Saurabh Dhoot told IANS on phone after ringing the symbolic opening bell Tuesday at the Nasdaq Market site at Times Square in New York with Rajkumar Dhoot, MP.
“We will continue to provide best quality services to our consumers through the latest technological innovations,” he said.
It was “working on new technology like over-the-top content (OTT), internet connected boxes, etc.”
“With 100 million homes expected to be digitized in the next 5 years, Videocon d2h expects to play the leading role in Digital India campaign,” Dhoot said. “We also continue to bring best in class services like unique content, new mediums of delivery and innovative services to our consumers,” he said.
“With a strong balance sheet, we would tirelessly work towards this objective.”
Additionally Videocon d2h would continue to invest into developing local manufacturing capabilities of set top boxes in India.
“We want to extend Prime Minister Narendra Modi’s initiative of ‘Make in India’ to ‘Make in India, Consume in India & Think Global,'” Dhoot told IANS.
Videocon d2h’s listing on NASDAQ, Dhoot said “reinforces the tremendous progress made by Videocon d2h as a brand by becoming the Fastest Growing DTH Company in India for the last 5 years.”
“With 13 million plus gross subscribers, Videocon d2h as a brand stands amongst the largest pay TV operators in the world,” he said.
Videocon d2h is the first media company from India to list overseas and the largest Indian IPO in the US over 8 years validating the renewed global focus on India, Dhoot said.
As media industry is still in nascent stage in India and to a large extent undervalued, he said “listing on NASDAQ takes the company to a global platform inviting the attention of some of the world’s largest fund houses.”
“This deal announces the arrival of Indian media industry and is also reflective of progress made by the industry under the Prime Minister’s digitization drive,” Dhoot said.
In addition, it had also allowed Videocon d2h to attract media veterans like Harry Sloan and Jeff Sagansky on it board and adding a definitive edge to its skill sets, he said.
Since the announcement of the deal in January 2015, the company has already seen an upward re-rating of media industry stocks in India, Dhoot said.
US based Silver Eagle Acquisition Company was formed as a Special Purpose Acquisition Company with the objective of investing in unique media opportunities across the globe, he said.
It has invested the entire subscription amount of $303 million in Videocon d2h and post the listing of Videocon d2h on Nasdaq through them the primary objective of the company has been achieved, Dhoot said.
“This is also unique given that for the first time a company has signed up for 100 percent of its subscription with a group of investors even before the listing process started,” he said referring to the shareholders of Silver Eagle. (IANS)