Hinduja TMT to foray into healthcare

IT and ITeS major Hinduja TMT (HTMT) today announced that it has changed its name to Hinduja Ventures and that it will foray into the healthcare business together with Dubai World.

The company is also developing a residential-cum-commercial structure in Bangalore and it said it will list its cable distribution subsidiary IndusInd Media Communications (IMCL) next year.

The decisions were announced at the company's annual general meeting in Mumbai.

Hinduja Ventures and Dubai World will invest Rs 100 crore each in a healthcare joint venture, chairman Ashok P Hinduja told Business Standard after the meeting.

The new company will set up healthcare facilities like hospitals, research and diagnostic clinics across the country. The companies have signed the joint venture agreement and the project will kick off next month, Hinduja said.

The project has been planned in phases and the two companies will make further investments as the project progresses. The companies will create residential facilities and campuses for foreigners.

Dubai World is a holding entity that manages and supervises businesses and projects for the Dubai government.

The property division will be headed by Hinduja Ventures Executive Vice President Ashok Mansukhani.

On the real estate front, the group will develop a 47-acre area that it owns on the Bangalore-Hyderabad Highway, into a residential-cum-commercial complex.

The project, named Forest Hills, is being undertaken with its group firm Asia Properties. Work will commence in January 2008 and the project will be completed in two years.

The company expects to develop over four million square metres at Rs 1,500 a square metre.

Hinduja Ventures will also list IMCL, in which the group has a 63 per cent stake. The mode of listing will be decided at the company's board meeting, Hinduja said.

IMCL plans to foray into broadcasting and distribution of content, starting with ESPN rights for Mumbai.

"There are a lot of foreign channels that would have to be downloaded in the country and distributed. We see a good business proposition out here," Ashok Mansukhani said.

The group had earlier demerged its IT and ITeS business into Hinduja Global, another group company.