Two On Hinduja Finance Board
The Hindujas have inducted Solomon Raj as vice-chairman and KV Seshasayee as director on the board of Hinduja Finance, which is fast emerging as the flagship of the group in its convergence related businesses.
Raj was earlier the managing director of IndusInd Bank and now the chairman of the bank. He was also heading the Indus International Federation. Seshasayee on the other hand, is heading the telecom businesses of the Hindujas and is the brain behind the convergence related push by the group. He is also the chairman of Fascel, the Gujarat cellular licencee, co-promoted by the Hindujas.
Hinduja group sources said that the two senior officials have been inducted onto the Hinduja Finance board as this company is being positioned as the company which would be spearheading the convergence sector thrust of the group.
Only recently, Hinduja Finance acquired Hinduja Telecom, which in turn holds the Hinduja group's stake in Fascel. Hinduja Finance is also picking up a majority stake in cable channel CVO.
In another recent move, Ashok Leyland Information Technology Ltd (ALIT) which provides software services, was also merged with Hinduja Finance. This apart, Hinduja Finance has also acquired 51 per cent stake in In2Cable.com India Private Ltd from Invest Trade a holding company of Hinduja group.