The board of directors of Hinduja Ventures (HVL) has reviewed the performance of its subsidiary i.e. IndusInd Media and Communications (IMCL) and reiterated the earlier decision to invest Rs 3 billion in IMCL, either directly or through its subsidiary.

The capital infusion is happening to take advantage of opportunities thrown up by digital conversion from analogue transmission as mandated by Information and Broadcasting Ministry, Government of India.

Phase I and Phase II of the Digital Addressable System (DAS) have already been completed and several consolidation opportunities are coming up in the digital environment in various phases. The capital will be used to expand the digital base of IMCL and to improve customer services.

The company will also make an investment up to Rs 20 million in Grant Investrade, a wholly owned subsidiary of the company.

Shares of the company declined Rs 0.55, or 0.21%, to trade at Rs 265.05. The total volume of shares traded was 2,325 at the BSE (Wednesday).