Intel to invest $ 49 mn in Hinduja co

Mumbai, Apr 25: Intel has decided to invest $ 49 million (Rs 210 crore) in Hinduja group company IndusInd Media & Communications (IMC)...

Mumbai, Apr 25: Intel has decided to invest $ 49 million (Rs 210 crore) in Hinduja group company IndusInd Media & Communications (IMC) Limited. The investment will be routed through a wholly-owned special purpose vehicle (SPV) of Hinduja Finance Corporation Ltd.

The investment will give Intel a 49 per cent stake in the SPV, Grant Investrade, which in turn will increase its holding in IMC from 3.5 per cent to 6.7 per cent. IMC, which operates under the brand name INCableNet, is 55 per cent owned by AITL, another Hinduja group company.

"The investment reflects Intel’s ongoing commitments to enable rapid deployment of high-speed broadband internet access on a worldwide basis," Intel vice-president Claude Leglise said at a press conference on Tuesday. Intel has the option to increase its stake in IMC up to 20 per cent. The company is awaiting Foreign Investment Promotion Board approval for the transaction.

Story continues below this ad

The chipmaker has invested in 15 companies based out of India in the last 15 months through Intel Capital, its investment arm. "Today’s announcement is the largest foreign direct investment in Indian broadband infrastructure and is reflective of our commitment to invest in India’s growing technology sector," said Avtar Saini, Intel South Asia director. Intel plans to double its investment in India during the current year.

IMC will benefit from Intel’s technical know-how, insight into future trends, joint marketing programmes and strategic partnerships with other companies in the internet ecosystem.

Donald Trump may replace H-1B lottery with wage-based selection process

World3 hr ago

Days after hiking the fees for new H-1B applications to $100,000, the Donald Trump administration has proposed to overhaul the visa process for high-skilled non-immigrant workers. The Trump administration has suggested a wage-based selection process for the H-1B programme, instead of the current lottery system.

View all shorts

Live Blog