Hinduja TMT to consider demerger of ITES unit

New Delhi, Aug 29: Hinduja TMT Ltd will place for approval the scheme of arrangement and restructuring by way of demerger of the company's IT and ITES undertaking into a separate company before its Board of Directors (BoD) on August 31, 2006.

In the meeting of the BoD, merger of its media and broadband subsidiaries, namely, the company's Indusind Media&Communications Ltd, InNetwork Entertainment Ltd and In2Cable India Ltd, into a single consolidated media entity will also be considered, a company statement said.

Last week, the company announced the BoD meeting will, inter alia, consider declaration of a Special (Interim) Dividend for the Financial Year 2006-07.

UNI