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.
(Arun Kumar can be contacted at arun.kumar@ians.in)
