OneOTT intertainment, the broadband subsidiary of NXTDigital (NDL), the media vertical of the global conglomerate Hinduja Group, has elevated Satyaprakash Singh, who was previously the VP and Business Head, to Chief Operating Officer.

NXTDigital made this announcement via a LinkedIn post, saying a veteran of the broadband business has been elevated to Chief Operating Officer at the broadband subsidiary of NXTDIGITAL.

Satyaprakash will be responsible nationally for all key government and related businesses and managing the bulk bandwidth portfolio on a pan-India basis.

He would be also responsible as a profit center head for all broadband organic and inorganic businesses across North and East India.

Singh will also manage the organic direct points business nationally.

‘NXTDigital-HLF Merger To Create Value For Shareholders’: Merger of unlisted Hinduja Leyland Finance (HLF), a non-banking lender and material subsidiary of Ashok Leyland, into NXTDigital will be a value creator for shareholders of both the truck maker and NXTDigital, said Dheeraj Hinduja, executive chairman of Ashok Leyland.

The Hinduja Group has announced a restructuring of a few group entities where listed firm NXTDigital will transfer its digital and communications business to Hinduja Global Solutions and then absorb the unlisted HLF through a merger scheme.

Once the merger is completed in the next 6-9 months, subject to regulatory and shareholders approvals, HLF will get a benchmark in terms of valuation that will also reflect in Ashok Leyland’s valuation, Hinduja told Economic Times Monday.

“A few valuation synergies can also arise from the non-bank lender’s wholly-owned subsidiary Hinduja Housing Finance and digital subsidiaries, which have forayed into niche areas such as online marketplace for used vehicles, insurance broking, and digital platforms,” Hinduja said. “With an asset-light model, such businesses are valued at a higher premium due to their future growth potential.”

Sachin Pillai, managing director of HLF was quoted in the ET report as saying that the company will raise around Rs. 940 crore from qualified institutional placement next month. Funds will be used for funding business activity and maintaining the capital adequacy ratio.”

Currently, Hinduja Group owns a 64.67 percent stake in NXTDigital, while domestic institutions and foreign portfolio investors own 10 percent and 5.33 percent stake, respectively.