Luthra & Luthra Law Offices has advised Indian direct-to-home (DTH) service providers Dish TV on its merger with rival Videocon d2h (Vd2h), which was represented by Shardul Amarchand Mangaldas & Co. Shearman & Sterling acted as international counsel to both parties.
The new entity, Dish TV Videocon Ltd, will have revenue of about 59.16 billion rupees ($879.11 million) and net subscribers of 27.6 million, becoming the biggest player in India's fast-growing direct-to-home (DTH) operator market. Dish TV was the first DTH provider in India.
The Luthra & Luthra team was led by senior partner Mohit Saraf along with partners William Vivian John and Vaibhav Kakkar.
Following the merger, Dish shareholders will own 55.4 percent of the new company, with the remaining stake going to Videocon shareholders, Dish said in a statement. India has an estimated 145 million households with cable and satellite television, but Dish is betting this will grow to 200 million in the next three years.
The DTH provider industry, while small, has been growing fast and is becoming increasingly competitive. It now has at least seven operators, including the privately-held Airtel Digital TV, Tata Sky, and Reliance Big TV.
