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Hinduja Finance to merge with Ashok Leyland IT unit

Our Bureau

MUMBAI, June 20

HINDUJA Finance Corporation Ltd is in the process of merging with the information technology company, Ashok Leyland Information Technology Ltd, according to a release from the company.

Hinduja Finance has appointed Andersen Consulting to review its overall strategy in information technology, media and telecom sectors ``from the perspective of maximising shareholder value'', said the release.

The company was also acquiring control over IndusInd Media and Communications Ltd, a broadband cable network in which Intel was taking an equity stake, the release added. It said approval from the Foreign Investment Promotion Board (FIPB) had been receiv ed for this purpose.

Hindi movies and city-specific channels are also being brought under the fold of Hinduja Finance. The company already holds a majority stake in a broadband Internet service provider company and will be acquiring a substantial interest in a cellular phone company, according to the release.

The assignment given to Andersen Consulting would include the preparation of alternative business models for Hinduja Finance and its subsidiaries that leverage on the opportunities available in the new economy areas.

Hinduja Finance was framing its policies for equity incubations with a `bottom-up' approach, said the release. Once its new business structure is validated by Andersen Consulting, the company would also look at various acquisitions for providing synergie s with the company's convergence structure.