ID :
19661
Tue, 09/16/2008 - 12:52
Auther :
Shortlink :
http://m.oananews.org//node/19661
The shortlink copeid
Hindujas plan world-class TV & Communication network in India
Dubai, Sep 15 (PTI) UK-based business conglomerate Hindujas Monday announced that they are starting a "world- class" TV and communication network in India.
Group Chairman S P Hinduja told a meeting of shareholders
of IndusInd International Holdings Ltd (I.I.H.L.) here that
the network would be set up by IndusInd Media and
Communications Ltd (I.M.C.L.), which is among the largest
Cable TV companies in India with a customer base of 5.5
million households. I.I.H.L. has an indirect investment of
about USD 385,000 in I.M.C.L.
He also said that IndusInd Bank, another entity controlled
by I.I.H.L., was poised for a robust growth by leveraging its
strong capital base.
The bank expects 40-45 percent hike in advances during
the current fiscal, against the average loan growth of 20
percent by most other banks.
"IndusInd Bank is now poised for rapid growth as a
significantly strengthened entity... (which) will overtake its
peers in the next three years, as measured by the criteria of
productivity, profitability and efficiency," Hinduja said.
"Its Capital Adequacy Ratio, a key indicator of stability,
stands at a comfortable 11.91 percent as on March 31, 2008,
well above the regulatory minimum of nine percent," he said.
The ratio further improved to 13.16 percent at the end
of the April-June quarter of the current fiscal from 12.16
percent in the first quarter of the previous fiscal.
While most new generation private sector banks launched
in the early 90s have disappeared, IndusInd Bank has remained
the sole survivor with its strong fundamentals, said Hinduja,
the London-based business tycoon.
A 79 percent jump in net interest income helped IndusInd
Bank increase its profit after tax by a record 44.48 percent
to Rs 19.1 crore in Q1 this fiscal.
IndusInd Bank was floated with USD 35 million capital
pooled in from Non-Resident Indians (N.R.I.) in April 1994.
Its net worth stood at USD 178.17 million as of March 31, this
year.
"The objective is to further ramp up the bank's operations
so that the value of your investment may continue to
appreciate," Hinduja told shareholders.
At present, the bank has a network of 180 branches across
147 locations in India. Besides, it has representative offices
here and in London.
"The IndusInd concept of establishing a global platform
to mobilise the contributions of N.R.I.s for investment in
India was appreciated and approved by Manmohan Singh, the then
Finance Minister," Hinduja recalled.
He noted that the Indian authorities "open-heartedly"
provided all the support and clearances enabling the entity to
commission its operations in a record period of 67 days.
"After a bright start, IndusInd Bank faced operating
problems as a consequence of the downturn in several sectors
of the economy - discouraging some of our shareholders in the
process.
"However, IndusInd Bank was able to weather the storm
successfully (like many of its peer-group entities), and has
now emerged as a stronger and more stable entity to make its
mark in the banking space," the N.R.I. industrialist noted.
The bank now enjoys the highest rating on its debt
instruments from the leading rating agencies in India -
Credit Rating and Information Services of India Limited
(C.R.I.S.I.L.), I.C.R.A. and Fitch and has consistently
remained profitable every single year since its inception.
IndusInd Bank, in June, raised USD 51.73 million (around
Rs 222 crore) through issuance of Global Depository Receipts
to ensure the growth of its balance sheet as per its business
plan.
Hinduja, who heads one of the largest diversified groups
in the world with interest spanning from automobile to I.T. to
finance, said that in order to achieve the objective of
reaching the top league of banks, the promoters had brought in
a new management team headed by Romesh Sobti.
"The plans of Romesh Sobti and his team for the bank are
essentially based on two planks, namely: building on its
strengths and remedying the weaknesses," he said.
The bank boasts of state-of-the-art technology right from
its inception. Owing to its multilateral tie ups with other
banks, it provides its customers access to more than 18,000
ATMs. It also enjoys clearing bank status for both major stock
exchanges as well as three major commodity exchanges in India.
IndusInd Bank, India's first post-liberalisation private
sector bank, has proved to be number one among all banks in
India under various efficiency parameters, he told the
shareholders. PTI DP
BDS
Group Chairman S P Hinduja told a meeting of shareholders
of IndusInd International Holdings Ltd (I.I.H.L.) here that
the network would be set up by IndusInd Media and
Communications Ltd (I.M.C.L.), which is among the largest
Cable TV companies in India with a customer base of 5.5
million households. I.I.H.L. has an indirect investment of
about USD 385,000 in I.M.C.L.
He also said that IndusInd Bank, another entity controlled
by I.I.H.L., was poised for a robust growth by leveraging its
strong capital base.
The bank expects 40-45 percent hike in advances during
the current fiscal, against the average loan growth of 20
percent by most other banks.
"IndusInd Bank is now poised for rapid growth as a
significantly strengthened entity... (which) will overtake its
peers in the next three years, as measured by the criteria of
productivity, profitability and efficiency," Hinduja said.
"Its Capital Adequacy Ratio, a key indicator of stability,
stands at a comfortable 11.91 percent as on March 31, 2008,
well above the regulatory minimum of nine percent," he said.
The ratio further improved to 13.16 percent at the end
of the April-June quarter of the current fiscal from 12.16
percent in the first quarter of the previous fiscal.
While most new generation private sector banks launched
in the early 90s have disappeared, IndusInd Bank has remained
the sole survivor with its strong fundamentals, said Hinduja,
the London-based business tycoon.
A 79 percent jump in net interest income helped IndusInd
Bank increase its profit after tax by a record 44.48 percent
to Rs 19.1 crore in Q1 this fiscal.
IndusInd Bank was floated with USD 35 million capital
pooled in from Non-Resident Indians (N.R.I.) in April 1994.
Its net worth stood at USD 178.17 million as of March 31, this
year.
"The objective is to further ramp up the bank's operations
so that the value of your investment may continue to
appreciate," Hinduja told shareholders.
At present, the bank has a network of 180 branches across
147 locations in India. Besides, it has representative offices
here and in London.
"The IndusInd concept of establishing a global platform
to mobilise the contributions of N.R.I.s for investment in
India was appreciated and approved by Manmohan Singh, the then
Finance Minister," Hinduja recalled.
He noted that the Indian authorities "open-heartedly"
provided all the support and clearances enabling the entity to
commission its operations in a record period of 67 days.
"After a bright start, IndusInd Bank faced operating
problems as a consequence of the downturn in several sectors
of the economy - discouraging some of our shareholders in the
process.
"However, IndusInd Bank was able to weather the storm
successfully (like many of its peer-group entities), and has
now emerged as a stronger and more stable entity to make its
mark in the banking space," the N.R.I. industrialist noted.
The bank now enjoys the highest rating on its debt
instruments from the leading rating agencies in India -
Credit Rating and Information Services of India Limited
(C.R.I.S.I.L.), I.C.R.A. and Fitch and has consistently
remained profitable every single year since its inception.
IndusInd Bank, in June, raised USD 51.73 million (around
Rs 222 crore) through issuance of Global Depository Receipts
to ensure the growth of its balance sheet as per its business
plan.
Hinduja, who heads one of the largest diversified groups
in the world with interest spanning from automobile to I.T. to
finance, said that in order to achieve the objective of
reaching the top league of banks, the promoters had brought in
a new management team headed by Romesh Sobti.
"The plans of Romesh Sobti and his team for the bank are
essentially based on two planks, namely: building on its
strengths and remedying the weaknesses," he said.
The bank boasts of state-of-the-art technology right from
its inception. Owing to its multilateral tie ups with other
banks, it provides its customers access to more than 18,000
ATMs. It also enjoys clearing bank status for both major stock
exchanges as well as three major commodity exchanges in India.
IndusInd Bank, India's first post-liberalisation private
sector bank, has proved to be number one among all banks in
India under various efficiency parameters, he told the
shareholders. PTI DP
BDS
