Mumbai, Aug. 29: Hinduja TMT Ltd (HTMT) is in a restructuring mode. The company will be split into two with one part focussing on IT & ITeS and the other concentrating on media and entertainment.

Its board will meet on August 31 to consider the demerger of its IT & ITeS undertaking into a separate company.

The company will merge its media and broadband subsidiaries, which include Indusind Media & Communications Ltd, InNetwork Entertainment Ltd and In2Cable India Ltd, into a consolidated media entity, it informed the stock exchanges.

While both the entities will be listed on the bourses, the August 31 board meeting is likely to come up with a share ratio for the proposed restructuring.

The move is expected to unlock shareholder value apart from lending a better focus on these two business activities.

HTMT was recently in the news when its two wholly-owned subsidiaries — InNetwork Entertainment Ltd (INEL) and Pacific Horizon Limited (PH) — and the Hinduja group’s Mauritius-based company sold their 100 per cent stake in IndusInd Telecom Network Ltd to Hutchison Telecommunications (India) Ltd for an all cash consideration of $450 million.

HTMT had said the stake sale, which encashed shareholder value, would be utilised to enhance shareholder wealth creation.

HTMT’s technology business employs over 7,000 professionals in India, and 3,000 abroad. It has a global delivery model in 5 countries. It has been listed among the top 15 BPO companies in India by Nasscom. It has domain expertise in healthcare and insurance, financial services, manufacturing, telecom, pharmaceuticals, consumer electronics, household products, energy and utilities.

The company’s media business includes IMCL, which is a multi-system (MSO) as well as a broadband operator. It has an extensive intra-city fibre network and is present in 14 cities with over 40 per cent market share in most of these markets.