Dish TV said that its merger with Videocon D2H was on track, reported PTI. It has appointed 2 directors on the board of Videocon's group for integration of their businesses.
On January 11, Dish TV had said in a regulatory filing, "It has come to our knowledge that certain entities belonging to the Videocon group, including the promoters of Videocon d2h Ltd, have become subject to insolvency and/or enforcement proceedings by lenders. In light of the foregoing, the company is evaluating if there is any impact of the same on its rights and obligations under the definitive agreements and consequential effects on the transactions contemplated thereunder."
It also announced the appointment of Amitabh Kumar and Raj Kumar Gupta on the board of Videocon D2H.
On November 11, 2016, the boards of Dish TV and Videocon d2h had approved the scheme of arrangement for the amalgamation.
Largest listed media firm in India
On completion of Dish TV and Videocon d2h merger, the merged entity would have a subscriber base of over 27 million, creating the largest DTH service provider in the industry. It will also be the largest listed media firm in India, said Dish TV.
Dish TV has an active subscriber base of 15.5 million and Videocon d2h stands at around 12.2 million.