Bollywood, Eduction, fashion, Finance, Hollywood, News, Science, Travel

 

The much awaited phase III of pri­vate FM radio auctions finally kicked off on 27 July 2015, and it’s the government that has benefited the most. Twenty five days into the auction, the government earned an estimated ?1,147 crore, as compared to a conservative estimate of ?450- 500 odd crore it was expected to gar­ner from the e-auctions.

At the close of the 23rd day of bid­ding for the first batch of private FM radio phase III channels, 94 channels

However, the skewed reserve price for some markets and steep prices in big metros is proving to be unvi- able for players. There’s no denying though, that as a medium, radio has definitely become more competitive. New frequencies will offer the oppor­tunity to expand regional reach and is proving to be more attractive for advertisers now, he says.

“If you go by the money collected so far, the auctions have been hugely successful for the government,” says Prashant Panday, MD & CEO, Enter­tainment Network India Ltd (ENIL), a subsidiary of Times Infotainment Media, which operates Radio Mirchi. “Equally, it means that bidders have pooled in a lot of investments as well. However, if you go by other parame­ters, then it’s been a mixed bag.”

High reserve prices He points out that, for instance, 40 of the small­est towns haven’t even been bid for. “That’s nearly 30 per cent of the total frequencies available. That’s a huge loss of public interest, considering that FM radio reaches everyone from the richest to the poorest of people. It’s also a financial loss for the gov­ernment,” he says.

There are other underlying con­cerns among radio operators. High reserve prices set by the govern­ment have resulted in a demand-sup­ply mismatch. According to Panday these prices are a direct result of the | government squeezing supply. When 5 you offer only one frequency in Delhi, o Bangalore, Chennai or Ahmedabad, 5 and just two in Mumbai and Pune, that too after a period of over nine years, there is bound to be frenzied bidding, he says, citing the exam­ple of Colombo in neighbouring Sri Lanka on the other hand, which has 25 radio stations. “Why can’t Mum­bai or Delhi have the same number or more? Had more frequencies been released in all towns and cities, the auctions would have been a much bigger success,” he believes.

Players are now concerned that these steep prices will translate into losses for the industry, leading to a similar situation that occurred post phase II in 2006, with many con­tinuing to carry accumulated losses.

in 56 cities became provisional win­ning channels with a cumulative winning price of ?1,147 crore. Up for auction in this phase are 135 FM channels in 69 cities, which include the leftover frequencies from phase II, held in 2006.

Besides the availability of more frequencies, there are a host of other incentives that the new licensing norms offer. Under Phase III, licences will be valid for 15 years as against 10 years earlier. Similarly, the total FDI/FII allowed in the new regime is 26 per cent, as against 20 per cent during Phase II.

While the industry believes that it’s been a smooth process so far and the auctions have gone off without a glitch, the situation is still far from ideal. Frequencies in smaller towns and mini-metros have found few tak­ers, thanks to high reserve prices set by the government. On the other hand, the handful of frequencies available in some of the top metros like Banga­lore, Mumbai, Pune, Delhi, Ahmeda- bad, Chennai, saw frenzied bidding. Bigger cities also offer the opportu­nity of earning higher advertising revenues, although regional advertis­ing on radio is seeing an upswing.

Jehil Thakkar, head, media & entertainment, KPMG India, points out that, in terms of raising revenue, the auctions so far have been quite satisfactory for the government.

Another restriction is the 15 per cent cap placed by the government, on the number of frequencies that one could bid for. Players hope that the government reviews the reserve prices for the second batch, as they are even smaller in size as compared to the 40 unsold frequencies.

The issue of not being able to broadcast news over radio contin­ues to be a bone of contention, with policies still being highly restrictive. At a time when news is freely avail­able and accessible through digital and television outlets, it’s difficult to fathom why radio as a medium is being treated in a discriminatory manner, says Thakkar.

According to the 2015 FICCJ-KPMG report on the Indian Media & Enter­tainment industry, the radio indus­try showed one of the highest growth rates amongst traditional media seg­ments in the previous year, clock­ing a growth rate of 17.6 per cent in 2014. What remains to be seen now is how phase III will pave the way for growth for the radio industry going forward.

Eduction

The Union government may provide fiscal incentives to arrest falling leather exports

F I >he Union commerce ministry is thinking of granting inter­est subsidy to the domestic leather industry, in response to the industry showing a declining trend on the export front during the last few months. The ministry has circu­lated a draft note on providing ben­efits of interest subvention scheme to exporters. Under the interest sub­vention scheme, exporters get loans at lower rates. A similar scheme of 3 per cent interest subvention ended on 31 March last year. The exporters have been demanding extension of the scheme with retrospective effect from April 2014.

For the quarter ended June 2015, the industry exported leather and leather goods worth $1.57 billion (about ?9,420 crore) as against $1.65 billion (about ?9,900 crore) for the corresponding quarter last year, reg­istering a fall of around 4.86 per cent. The Indian leather sector has been experiencing a negative growth since April 2015. In the first three months, India exported leather and leather products worth $466.5 mil­lion, $532.8 million, and $572.3 million respectively, displaying a monthly fall of 4.53 per cent, 8.34

 

per cent and 1.51 per cent.

This sluggishness has caught the industry off-guard, as the sector was looking to maintain the momentum. Recording a positive growth of 9.37 per cent, India’s export of leather and leather products had touched an all time high of $6.5 billion for 2014-15, as against $5.9 billion in 2013-14. Fall in euro, economic con­ditions in European nations, and economic sanctions imposed by the European Union against exports of goods to Russia have been cited as the primary reasons for this set­back. Russia imports a significant amount of leather, which is sub­sequently exported to the EU in finished forms.

“The EU market, where we export over 65 per cent of our exports, have shown deterioration due to macro- economic headwinds. To arrest this adverse impact, the industry is des­perately looking for some relief, and a scheme like interest subvention will definitely make a difference,” says M. Rafeeque Ahmed, chair­man, Council for Leather Exports (CLE), who believes that the govern­ment’s timely interventions can to a great extent offset this ongoing
downturn.

However, he views that a lot will depend upon how the EU market performs going ahead. According to the CLE chairman, the US market, though relatively small, with about 13 per cent share, is showing a sign of revival. Moreover, the council has recently initiated a concerted effort to scale up the exports to the US. There are moves to evaluate some of the newer markets as well.

“With all these measures in place, we should be in a position to negate some of the ongoing adversities and, consequently, we project that we would at least match last year’s per­formance, being flat on growth,” adds Ahmed. Even as exports have been impacted of late, there has been significant improvement otherwise, if the overall performance is gauged in the longer term. Exports from the leather sector have almost doubled from $3.4 billion in 2009-10.

Most importantly, from a mere raw material supplier, India’s export basket currently comprises almost 50 per cent value-added products. Export of different categories of foot­wear holds a major share of about 45 per cent, followed by leather goods and accessories with a share of 22 per cent, finished leather 21 per cent and leather garments 9 per cent. In fact, today, almost 50 per cent of India’s leather business comes from inter­national trade. The major markets for Indian leather products are Ger­many, the US, the UK, Italy, France, Hong Kong, Spain, the Netherlands and the UAE.

Great job provider The Indian leather industry is not only a major foreign exchange earner for the coun­try, but one of the largest employ­ment providers. According to a study by the National Skill Development Corporation and growth projec­tions of the CLE, the leather indus­try is expected to employ about 7.1 million people by 2022. At present, the sector employs around 2.7 mil­lion people.

However, one of the major prob­lems confronting the leather industry is the shortage of skilled manpower. In order to overcome this gap, the

Union government established the National Skill Development Corpo­ration which, in turn, has approved formation of Leather Sector Skill Council under the aegis of CLE in 2012. Leather SSC has been facilitat­ing the development of skill solutions for industry players in acquiring and developing the requisite skilled man­power. It co-ordinates with indus­try, education and training providers and government in ensuring capac­ity building for availability of trained and skilled manpower across indus­try segments.

♦ ARBIND GUPTA [email protected]

Eduction

 

In financial terms, JPFL has reported good numbers over the past five years. Its net sales logged a cagr of 18 per cent from ?831 crore (2006) to ?1,591 crore (2010). Net profit recorded a CAGR of 46 per cent to ?208 crore. The company has also entered the power sector, jindal India Thermal Power is cur­rently developing a 1,800 MW (3×600) thermal power project in Orissa.

EEd For the year 2014-15 the consolidated revenue of Jindal Poly Films was f.7,287 crore and net profit was ?172 crore. In accordance with its plans to enter the power field, its first unit (600 MW) of the thermal power project in Odisha was synchronised in March last and the unit has started generation. In January this year another 600 MW unit went on stream.

Figo Aspire will be available in both petrol and diesel engine options. “The year 2015 is a period of next stage of growth for Ford in India. We plan to launch three new products in next six months starting with the Figo Aspire today,” Nigel Harris, president & managing director Ford India, said at the launch. He said the Figo Aspire has been developed keeping the requirements of Indian customers in mind such as good design, high fuel efficiency and value for money, while meet­ing Ford’s global standards. “Ford Figo Aspire breaks all ste- reotypesfand proves that a compact sedan can also have the best of everything – be it stunning design, smart technology, advanced safety and impressive fuel efficiency,” said Harris. “Drawing on our global product development capabilities, we’re proud to have created a car that truly raises the bar in the segment and gives consumers a chance to own what they truly deserve.” With its pricing, Figo Aspire is expected to trigger a price war against Maruti Suzuki’s Dzire, Hyundai’s Xcent, Honda’s Amaze and Tata Motors’ Zest which are priced ?5.03-8.21 lakh.                             ♦Last fortnight, Ford India launched Figo Aspire in the fast growing compact sedan segment. Priced ?4.90-8.24 lakh,

Establishing best ethical business standards among the next generation of devel­opers will be the focus of Aditya Javdekar, the new national convener of the CRE- DAI Youth Wing. “This will ensure high quality, timely delivery and customer delight,” says Javdekar, chief execu­tive officer of the Pune-based Vilas Javdekar Develop­ers. “We will also contribute in the clean city movement, skill development of labourers from the construction indus­try and put greater emphasis on knowledge and learning for its members through Crest (CREDAI Study & Training),” he adds. The organisation was established in 2012 as the youth wing of the national real estate developers’ association, CREDAI (Confederation of Real Estate Developers Association

 

of India), to nurture young talent in the segment, which has over 2,000 second-gener­ation developers as members from about 70 cities around the country. Javdekar was offi­cially installed in his new post during CREDAI’s national con­vention in Istanbul last fort­night, where he presented his vision document for his two- year tenure.            ♦

Patients of Type II diabe­tes, tired of lifelong treat­ment with conventional pills and insulin, now have the Human Embryonic Stem Cell (hESC) therapy to look forward to. Produced by the Delhi-based Nutech Medi- world, this method grows insulin-producing cells in the body without the need for a donor match. Once trans­planted into the body, the stem cells mature into insu­lin-producing cells in about three months. “Patients of Type II diabetes lose some of their insulin-producing cells, or their cells become resis­tant to insulin. Although insulin is present in their body, their cells can no lon­ger use it to keep blood sugar levels in check. Stem cells have the ability to repair and regenerate the damaged

 

insulin-producing cells,” explained Geeta Shroff, founder & medical director, Nutech Mediworld Hospi­tal. Type II diabetes – which accounts for 90 per cent of all diabetes cases – is a silent killer and much harder to treat than Type I. It occurs mostly in adults, as a result of excess weight or hormonal imbalance.

 

The offer, valid in four of Guardian’s projects in the city, was for only a limited 10-day period. All one had to do was to visit the book­ing venue and enrol them­selves by paying ?1 lakh, then select their flats and confirm the booking by paying the rest of the book­ing amount of 20 per cent of the cost. The buyer will save ?16-60 lakh over the 15 years of a normal bank loan, Sabade adds.  ♦
company chairman Man ish Sabade. With this ini­tiative, we tried to provide an appropriate solution to such customers to overcome these problems.” Stress­ing that this was a first in the real estate industry, he insists that it was “no mar­keting gimmick, no inflated prices, but a pure benefit to the customer, where he or she pays only the cost of the flat in instalments spread over seven years”.
With factors like long payback periods for home loan, interest and heavy EMls (equatedmonthly instalments) deterring peo­ple from buying homes, the Pune-based Guardian Promoters & Developers introduced a ‘100-per-cent interest-free’ concept last fortnight to attract more buyers. “We have observed that many people are being kept away from realising their dream homes,” says

stefano Ricci, a luxury menswear brand will open its second store in India, in Delhi next year. Stefano Ricci was founded by designer Ste­fano Ricci in Italy in 1972. There are 45 Stefano Ricci stores globally. Its India ven­ture is a 50-50 partnership between Ricci and Jackie Manglani. It opened its first store in Taj Mahal Hotel in Mumbai in February this year. It has invested €10 mil­lion in India so far and the investment in Delhi, accord­ing to Manglani, will exceed €10 million. It is scout­

ming for a location, at pres­ent. “We expect to become profitable in three years,” says Manglani, who is pres­ident, India, Stefano Ricci. “We want to stay true to the Italian tradition. Collections are designed for interna­tional clientele.” Every Ste­fano Ricci store globally sells the same products. Manglani claims Stefano Ricci clothes are handmade in Italy. This store has more ties and shirts than any other Ste­fano Ricci store globally and it sells more shirts than suits because of Mumbai weather. ♦

the Hyderabad-headquar­tered Cigniti Technol­ogies has become the world’s first independent software testing services company to be rated at CMMI-SVC vl.3, Maturity Level 5. “This is a milestone which will further strengthen our ability to offer best-in-class testing services for Global 2000 companies,” says executive director Sri- kanth Chakkilam. “The appraisal is in line with our strategy to provide cutting- edge and superior software testing services with maxi­mum efficiency.” An indica­tion that Cigniti is performing at an ‘optimising’ level – con­tinually improving its pro­cesses based on a quantitative understanding of business objectives and performance needs – the rating demon­strates that Cigniti’s teams implement proven processes for enhancing client satis­faction. Cigniti, with 1,800- plus experts spread across the US, the UK, India, Austra­lia and Canada, offers testing now, compared to 1 per cent five years ago. “OEMs have realised the additional value of navigation systems,” says Peter Bolesza, vice-presi­dent, emerging markets, NNG. Top car manufacturers pre­fer to have their own naviga­tion systems. And some car owners prefer to use naviga­tion apps such as Here Drive, Google Maps and others. “Integrated navigation sys­tems are better than stand­alone navigation apps.” NNG gets revenue from the naviga­tion system licence it sells to the OEMs. Its navigation sys­tem is installed in 25 million cars of 31 global car brands. NNG is also working with companies doing R&D on self­driving cars. It will take 20 years more until self-driving vehicles become commonly used mode of transportation. The biggest problem, Bolesza says, with self-driven vehi­cles is that, who will be held responsible if a self-driven vehicle runs someone over. ♦NG, the integrated navi­gation systems provider for automotive sector, expects demand for integrated navi­gation system to rise in India. Though it makes only soft­ware for the navigation and infotainment system, it has also been working with sys­tem integration partners, such as Blaupunkt, Pioneer, Clarion and Panasonic to pro­vide an integrated solution which OEMs want. As much as 33 per cent of the cars have navigation systems in India

services in quality engineer­ing, advisory and transforma­tion, next-generation testing and core testing. With over a decade of experience in serv­ing several Fortune 500 enter­prises, it also boasts India’s first robotics test lab, a mobile cloud test lab with HP and Experitest, a cloud-enabled per­formance test lab, and an IoT (Internet of Things) and smart meter lab. The company’s CSR initiative, Project Cignifi- cance, aims to impact more than a million lives through education as an enabler. ♦

Adama Agricultural Solutions’ efforts to deliver farmer-centric crop protection solutions to the Indian farmer has further strengthened with the set­ting up of its new formula­tion lab of global standards in Hyderabad, says Ilan Levanon, president & CEO, Adama India. “This is an important and a stra­tegic investment for us,” says Levanon, who inaugu­rated the lab last fortnight. “We will now be able to cater to local market needs quicker than before.” The company, a subsidiary of the Israel-headquartered $3 billion world leader in crop-protection solutions, already has three wings – synthetic labs, analytical labs and a scale-up labora­tory. The new lab, Adama’s fourth, completes the end- to-end research and devel­opment cycle in India and will support both the global market needs and domestic needs. It will also accelerate the process time of formula­tion as well as introduction of newer crop protection solutions for farmers. It is equipped with the latest technological instruments which will support both liquid and solid formula­tions, and give the most accurate results. Formula­tion is a critical step in the R&D process, where the sta­bility and bio-efficacy of the product is enhanced to provide a superior solu­tion for the farmer. ♦

a producer, distributor and manufacturer of natural, healthy food and beverages, announced the launch of its flagship brand Coco Joy in India last fortnight. FAL will be introducing juices, vita­min water, and nutrition bars in India over the next few months. FAL Food and Bever­ages is a part of FAL Holdings Saudi Arabia, an international conglomerate of 75 compa­nies, spanning 17 countries. Speaking on the occasion Tim Xenos, global CEO, FAL Food Beverages, said, “Since our inception, we have effectively made alternative healthy food and beverage choices easier for the consumer, creating not just new categories, but also a new consumer mind­set.” Coco Joy focuses on nat­ural and healthier coconut water. The product’s global ambassador, Vivian Rich­ards, said, “All Coco Joy prod­ucts are not only delicious but packed with the goodness of fresh coconuts.”  ♦
lavor And Life (FAL) Food and Beverages,


Mobile phone maker Motorola sees India as a crucial market and plans to expand its operations in the country to take its smart­phone business beyond the current 6 per cent. Also the company will start selling phones through brick-and- mortar stores, expanding beyond its tie-up with Flip- kart, as parent Lenovo starts local assembly of devices through contract manufac­turer Flextronics’ facility near Chennai. “We want to expand in India and rapidly. Local manufacturing makes sense as there are big volumes here,” said Xudong Chen, president, Lenovo’s Mobile Business group and chair­man of Motorola Mobil­ity. * We will go offline (in brick-and-mortar stores) with
As bring your own device (BYOD) gathers momen­tum in corporate circles, IT departments of enterprises find it difficult to keep track and support them. This is where US-based AirWatch makes a big impact. A leading player in enterprise solutions for mobile device manage­ment, mobile application management and mobile content management, Air- Watch has more than 10,000 customers globally and over 1,600 employees across nine global offices, including over 150 customers and about 300 employees in India. After its acquisition by virtualisation and cloud infrastructure firm VMware last year, it became a

part of the end-user comput­ing business unit of VMware but has largely operated as an independent entity. Over 150 companies in India, including Oyo Rooms, Meru

Motorola’s smartphones. The decision has been taken and has been discussed with Flip- kart,” Chen added. Speaking about the tie-up with Flex­tronics, he said the unit at

 

Cab and Zomato are using its platform to manage their mobile devices. “If you look at early adopters in India, it has been sales force auto­mation; be it pharmaceuti­cals, insurance, banking or SMBs, they all are looking to automate their key parts of business such as sales force, human resources to improve productivity and security and we play critical role in enabling this,” Jeff Baum, MD, Asia Pacific, AirWatch, said. “In the last one year, we have seen encouraging trac­tion from BFSI, retail, man­ufacturing, aviation, and pharmaceutical sectors for our enterprise mobility solu­tions,” he added.       ♦

Sriperumbudur has already started rolling out two vari­ants of the Moto E smart­phone, while planning another 4G device – Lenovo K3 note. ♦

Eduction

 

High profits of tyre companies are now a thing of the past. Over-capacity and market resistance to high prices have meant low returns for a good number of years. Only fundamental changes in the govern­ment’s excise policies ean help the industry regain financial stability and meet its new challenges.

EEd The tyre industry was de-licensed in 1987. Since then the industry has grown manifold. Today it pro­duces over IS lakh MT of tyres annually. The current problem faced by the industry is imports – particularly from China. Industry sources say 20 per cent of the car and 25 per cent of truck replacement is accounted for by imports. Members of the tyre industry have asked the government to place immediate restrictions on Chinese tyre imports in line with the duties imposed by countries such as the US and Brazil.

At the end of September 2014, the board of Marico Kaya decided to merge the company with Kaya, a wholly-owned subsid­iary of the company. For every share, Marico Kaya shareholders were entitled to one share of Kaya. In its filing the company said the shareholding structure of Kaya will mirror the shareholding structure of Marico Kaya.

Marico Kaya was carrying out the busi­ness of skin care through Kaya clin­ics. Kaya was also in a similar skin care busi­ness. Both operated in India and over­seas. The rationale for merging Marico Kaya with Kaya was that it would help eliminate multi-layered struc­ture, unlock value for

the shareholders of

Marico Kaya and reduce administrative and operation costs.

The merged entity chose to carry on with the name Kaya dropping the Marico tag. Mid-August this year Kaya got listed on the exchanges. The number of outstanding shares of Kaya is 1.289 crore the same as Mar­ico Kaya had when it got listed in July 2014. The shareholding pattern of Kaya is the same as of Marico Kaya. The market cap of the combined entity is ?1,660 crore.      ♦

20 YEARS AGO

Regaining lost glory

The next two years will be crucial for ntpc. As more and more IPP projects come on stream, NTPC’s staff will feel more insecure…. Except to serve as a spur to greater effort, the competition posed by ipps is essentially a red herring.

CEEl/n spite of the growth of the private sector NTPC is still the country’s largest power producer with an installed capacity of45,548 MW. It accounts for 17 per cent of the total installed capacity in the country, ntpc went pub­lic in 2004 and was awarded the Maharatna status in 2010. NTPC has set a target to have an installed capacity of 1,28,000 MW by the year 2032. NTPC’s market cap is?98,451 crore. According to CEA (Central Electrical Authority) the total installed capacity as of end june 2015 is 2,74,818 MW. The private sector accounts for 1,05,632 MW (38 per cent), state boards have 96,015 MW (35 per cent) and central boards have 73,171 per cent. The high percentage of the private sector is because it has 35,777 MW (13 per cent of the total) of installed capacity which fall under renewable energy sources.

Eduction, ePaper, fashion, Finance, News, Travel

 

End March 2013 Eros International’s stock was quoting at ?175 (which is the same as the issue price when the com­pany went public in 2010) and the market cap was ?1,609 crore. Currently the stock is quoting at ?473, implying a market cap of ?4,452crore with no significant change in equity. The scrip touched a high of ?644 in July this year as against a low of ?235 in Sep­tember 2014. The reason for the stock mov­ing up is perhaps because the company has tasted success at the box office, of late.

Ye Jawani Hai Deewani, Ram Leela and Krish 3 were released in 2013-14, all three of them were box office hits. However, Dishki- yaaoon did not fare well. In 2013-14 its reve­nues improved by 6 per cent to ?1,140 crore and its net profit rose 29 per cent to ?200 crore. In 2013-14, a total of 69 movies were released (37 in Hindi, 30 in Tamil/Telugu and 2 in other languages).

Kochadaiyaan was released in 2014-15. The Tamil version was a hit. But it flopped in other languages – Hindi and Telugu. Bajirao Mastani was supposed to be released in 2014-15, but now is slated for a December release. Sarkar 3 has to yet hit the floors.

In 2014-15, Eros tasted success with sev­eral Hindi films – NH10, Badlapur, Tevar, Mary Kom and Singham Returns. The company’s
consolidated revenues in 2014-15 rose 21 per cent to ?1,441 crore and net profit by 24 per cent to ?247 crore. In 2014-15, the com­pany released 64 films (44 in Hindi and 20 in Tamil/Telugu).

The first quarter of FY16, the company’s revenues jumped 96.5 per cent to ?481 crore and net profit moved up 48.9 per cent to ?53.4 crore. However, the net margins were down at 11.1 per cent as against 14.71 per cent in the corresponding quarter last year.

“We have had an excellent start to fis­cal 2016 with the resounding success of Tanu Weds Manu Returns (Hindi) and our other major new releases, Uttama Villain (Tamil), Masss (Tamil), Dil Dhadakne Do (Hindi, over­seas) and Gabbar (Hindi, overseas), doing well,” said Sunil Lulla, executive vice- chairman & managing director, Eros International Media.

Even the beginning of the second quarter of 2015-16 has been good for the company. Bajrangi Bhaijaan (Hindi) collected ?500 crore world-wide. Srimanthudu (Telugu) which was released in the first week of August collected ?100 crore in the first week. High profile films set for release in the current financial year include Bajirao Mastani, Welcome Back, Hero, Gabbar Singh 2 (all in Hindi).

There have been rumours that Eros Inter­national Media might be de-listed. But Jyoti Deshpande, executive director of the com­pany, scotched these rumours. The com­pany is exploring options of listing its parent company (Eros International) on the local bourses, she added.

Eros International, the parent company of Eros International Media, holds 74.37 per cent of the company through its subsidiaries. Through its parent company Eros distributes movies internationally. Eros International, which was earlier listed on AIM (London Stock Exchange), is now listed on the New York Stock Exchange (NYSE) and commands a market cap of $1.65 billion having touched a little over $2 billion earlier this month.

Eros International, which got listed on NYSE in 2013, has two class of shares – A and B. A class shares are listed on NYSE and each share carries a voting right of one. B class shares, owned by the promoters (Kishore Lulla brother of Sunil Lulla and Vijay Ahuja, cousin of Kishore Lulla), carry voting rights of ten for every share held. Effectively the promoters hold a little over 89 per cent of the total voting rights.