Videocon d2h confirms Dish TV merger at end of February | Major Businesses | Business
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India's Videocon d2h has confirmed plans to fully merge with Dish TV  at the end of February, while reporting operational revenues of INR8.34 billion (almost US$129.8 million) for the quarter ended 31 December 2017.

videocon d2h 13 Feb 2018"During the quarter, the company received all the necessary approvals relating to its amalgamation with and into Dish TV India Limited," said Saurabh Dhoot, executive chairman of Videocon d2h.

He added that the two companies now intend to file the relevant intimations/E-Forms with the Registrar of Companies, Ministry of Corporate Affairs, Maharashtra, Mumbai in the last week of February 2018, which filing date will become the effective date for the proposed merger.

"The Company will issue the relevant timelines and other mandatory notices in relation to the merger in due course," said Dhoot.

Videocon d2h's adjusted EBITDA grew 9% to INR2.91 billion over the quarter to 31 December 2017 and adjusted EBITDA margin expanded 60 basis points to 35% compared to the same quarter of 2016.

Subscription and activation revenue came in at INR7.63 billion, with profit after tax reported as INR309 million. Videocon d2h's net subscriber base stood at 13.41 million at the end of December 2017, having risen by 160,000 during the quarter. Monthly churn was reported as 1%, with ARPU of INR208.

"We continue to see a recovery on the ground and expect overall business prospects to improve driven by several factors including lower content availability on the Free Dish platform and the Indian Government's focus on increasing affordable housing and improving rural income levels in the recent budget," said Dhoot.

Videocon d2h's long-awaited merger with Essel Group-owned direct-to-home (DTH) platform Dish TV was first announced in November 2016.

The amalgamation will create a DTH company valued at around US$2.4 billion serving a combined subscriber base of 29 million. It will be second in subscriber size only to the US-based DTH operator DirecTV.