Its shares rose 6.4 per cent in Tokyo, their biggest jump in six months
Japanese conglomerate Sony Group Corporation aims to expand creations rooted in local culture in India through the expected merger of its arm Sony Pictures Networks India with Zee Entertainment Enterprises Ltd, its Chairman and CEO Kenichiro Yoshida said on Thursday. The group, which is present in India through electronics, music, media and entertainment, expects to close the merger with Zee Entertainment Enterprises Ltd (ZEEL) within the first half of fiscal year, he said while speaking at Sony Corporate Strategy Meeting 2023 in Tokyo. Under the long-term vision of expanding the number of people directly connected to the Sony Group to 1 billion people, Yoshida said, "I would like for us to continue delivering Kando (Japanese word for emotion) in specific areas such as anime, games, and in India, and make use of them in our creations." He asserted that Sony has been working to spread 'Kando' in India since the 1980s with Sony India, which leads the electronics business, "providing .
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The repayments are crucial for the merger, which will create a media firm with the biggest viewership and pricing power in the country of more than 1.4 billion people
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On February 22, the Mumbai bench of the NCLT had admitted the bank's insolvency plea against ZEEL
In a report on Thursday, Bloomberg said that the media company has agreed to repay its dues to the IndusInd Bank to resolve insolvency proceedings against it
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The comments came as Zee's chief executive, Punit Goenka, on Thursday said in a statement that he expected a timely completion of a merger between Zee and Sony
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The matter had come up in the NCLT court on Thursday, where IndusInd Bank, Axis Finance and IDBI Bank had sought permission to file applications to intervene in the proposed merger
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