Davos: Expanding its presence in Europe, UK-based global conglomerate Hinduja group has signed a deal to acquire Belgian media company Alfacam, which provides TV facilities and services to broadcasters and production houses.
Alfacam is best known for its broadcasting vehicles for filming and broadcasting of major sports and entertainment events. They were also used in a big way at the Olympic Games in London last year.
After this acquisition, the over USD 25 billion Hinduja group would look to expand Alfacam's services and businesses in different parts of the world, including India.
The Memorandum of Understanding for the acquisition was announced here on the sidelines of the World Economic Forum (WEF) Annual Meet by NRI billionaire brothers Gopichand Hinduja and Prakash Hinduja, as also Flemish Minister- President Kris Peeters.
The deal is supported by Flemish government and further details of the acquisition, including the price, would be announced after the completion of all necessary terms and conditions, they said.
Alfacam has been facing difficult times of late after running into huge debts. Hinduja group and Flemish government promised their full support for turning around the company and making it successful across different parts of the world.
After signing the deal, Gopichand Hinduja said that his group will explore more such acquisition opportunities in Belgium and other parts of Europe.
"If we see more available opportunities in Europe, where we see that there can be some synergy for Indian business, and we see that we can turn around the company, we will be happy to acquire that company," he said.
The group's Europe Chairman Prakash Hinduja said it will look to expand the services and business of Alfacam, one of the largest TV facilities providers in the world, in various countries including India, in TV broadcast as also for the large-scale sporting and entertainment events.
Hinduja group is present across diversified businesses including banking, oil, power, transport, healtchare, technology, media and telecom. It has been on a major expansion spree in recent years.
Its India-based unit Gulf Oil last month completed an acquisition of US-based specialty chemicals maker Houghton International for USD 1.045 billion (about over Rs 5,747 crore), which would make Gulf Oil the world's ninth biggest lubricants company.