Expanding its presence in Europe, UK-based global conglomerate Hinduja Group has signed a deal to acquire Belgian media company Alfacam, which provides TV 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 last yearís Olympic Games in London.
After this acquisition, the over $25-billion Hinduja Group would look to expand Alfacamís 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 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. The Hinduja Group and the Flemish government have promised full support for turning around the company. After signing the deal, Gopichand said his group will explore more such acquisition opportunities in Belgium and other parts of Europe. ďIf we see more 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,Ē he said.