The Induslnd Media And Communications (“IMCL") business consists of digital content distribution using multiple platforms such as satellite and fibre. it also carries Broadband and internet business carried out through its subsidiary OneOTT lntertainment ("OIL"). IMCL also has a dedicated unit that develops content for various platforms and owns a significant content library and movie negatives.

HVL believes that this media business has a high growth potential going forward due to a fast maturing industry and recent regulatory reforms like New Tariff Order ("NTO"). These stimuli provide the right opportunity to consolidate media vertical which will propel it to the next level of growth and performance. The exchange ratio for the proposed restructuring exercise shall be 10 equity shares of HVL fully paid up for each 125 equity shares of IMCL fully paid up.