Tag: Punit Goenka

  • ZEEL appoints Atul Das as President – Affiliate Revenues and Distribution

    By A Correspondent

     

    Atul Das

    Zee Entertainment Enterprises Limited (ZEEL) has announced the appointment of Atul Das as President – Affiliate Revenues and Distribution. Das will report to Punit Goenka, MD & CEO, ZEEL for his role. His appointment is with effect from July 1.

     

    Prior to this appointment, Das led a broad portfolio of responsibilities at Zee across key business functions including Revenues, General Management, P&L Management, Corporate Strategy, Finance, Business Development, Team Leadership, Marketing and Communications. Earlier, Das led the Corporate Strategy of the media business in his role as the Chief Strategy Officer of ZEE, where he was responsible for developing and executing the strategy as a member of the executive leadership team.

     

  • Zee Entertainment salutes army with FCB

     

     

    Zee Entertainment has launched a special initiative called ArmybehindtheArmy, which aims at recognising the selfless women behind our brave soldiers and who are the true source of their inspiration.

     

    #ArmyBehindTheArmy has been created and conceptualised by FCB Ulka, Zee’s creative agency.

     

    Speaking about this initiative, Zee MD and CEO, Punit Goenka said: “I’m extremely thrilled to launch this initiative which salutes the real army behind our brave soldiers. In our journey of 25 years, Zee has always stood for women, and we’ll continue to do so forever.”

     

    Added Swati Bhattacharya, Chief Creative Officer, FCB Ulka Advertising: “When we think of the word ‘soldier’ we always think of a man. When we hear the word ‘patriotism’ we think of loud slogans, louder gunshots and again men.”

     

    Said Sunil Buch, Head – Corporate Brand & Communications and CEO – Zee Live and Zee Talent: “While our brave soldiers Respect and Recognise, the women behind their bravery, it is time that every citizen of our nation salutes them and applauds their contribution.”

     

    The salutation anthem film is shot by director Ken Rolston from Story Tellers, a leading film production firm. A visual identity designed by FCB Ulka for the initiative – is inspired by army fatigues, with a camouflage design that is derived from women in various acts of nurturing and caring. This lends a strong visual and emotive character to the communication.

     

    The campaign will culminate in a grand salute on Republic Day next year.

     

     

  • Sony completes 1st of 2-phase acquisition of Ten Sports

    By A Correspondent

     

    Sony Pictures Networks India (SPN) and its affiliates have completed the first phase of a two-phase acquisition of the TEN Sports Network from Zee Entertainment Enterprises Limited (ZEE) and its subsidiaries, according to communiques received from both networks.

     

    Following the completion of this phase of the acquisition, SPN’s cluster of nine sports channels will now include: Sony SIX and Sony Six HD, Sony ESPN and Sony ESPN HD, TEN 1, TEN 1 HD, TEN 2, TEN 3, and TEN Golf HD.

     

    Certain other operations and assets will be included in the final phase of the acquisition, subject to certain closing conditions, which is expected to be completed in the next few months.

     

    Commented NP Singh, CEO, Sony Pictures Networks India commented: “I am delighted that the teams from SPN and ZEE have completed this core phase of the transaction in good time. SPN is now equipped, better than ever, to offer its viewers premium sporting content with a sports portfolio that includes every major sport and many international as well as domestic leagues. We are now stepping into the integration process to facilitate a seamless transition.”

     

    Added Punit Goenka, Managing Director, Zee Entertainment Enterprises Limited: “Great job done by the teams from SPN and Zee in facilitating the closure of this phase of the transaction. I am confident that the Ten Sports Network will reach new levels of consumer engagement under the nurturing guidance of SPN. I wish them the best. I’ll be tuning in regularly.”

     

  • Punit Goenka awarded ‘Best CEO’ by Business Today

     

     

    Punit Goenka, Managing Director and CEO of Zee Entertainment Enterprises Limited (ZEEL) received the coveted Business Today ‘Best CEO Award’ in the Media and Entertainment category for 2016. The award was presented by Minister Ravi Shankar Prasad on Saturday, December 17.

     

    Acknowledging the award,  Goenka said, “My immense gratitude goes out to the eminent jury and to Prosenjit Datta and his team at Business Today for bestowing me with the prestigious BT Best CEO Award in the Media & Entertainment category. My heartiest congratulations to all the other deserving winners whose passion, focus and drive have steered their respective companies to success.”

     

    “I accept this award with pride on behalf of our visionary Chairman, Dr. Subhash Chandra, and my team at ZEE whose dedication, hard work and support have enabled the organisation to reach newer and greater heights. We have consistently grown ahead of market, expanded our network viewership share and experienced growth of our product bouquet, both in India and internationally. As we approach our Silver Jubilee, I am confident that driven by innovation and creativity, we will move one step closer towards achieving our ambition of becoming the world’s leading media company from the emerging markets,” Goenka  added.

     

    The methodology of Business Today’s Best CEO Awards focused on the operational performance of companies and their shareholders returns which was conducted by BT’s Knowledge support partner for the process PwC India.

     

    Other recipients of the BT Best CEO Awards 2016 include Sunil Bharti Mittal, C P Gurnani (Tech Mahindra) and Sunil Duggal (Dabur India).

     

     

  • Reliance ADAG exits television, 49% of radio. Sells to Zee

     

    By A Correspondent

     

    The Zee group has acquired the Reliance Broadcast Network Limited’s entertainment channels (plus four other licences it owns) along with 49 per cent stake in 92.7 Big FM. The transactions will help reduce exposure in non-core businesses and work towards further reducing debt under Reliance Capital, said Sam Ghosh, Executive Director and Group CEO, Reliance Capital.

     

    Radio:

    The Board of Directors of Zee Media Corporation Limited has approved acquisition of 49% stake in 92.7 BIG FM, the radio broadcasting business of Reliance Broadcast Network Limited.

     

    Reliance Broadcast Network Limited runs the largest network of FM radio channels in India – 45 operational licenses (issued under Phase II and migrated to Phase III) and 14 new licenses (issued under Phase III). The FM channels are being broadcast under the brand “92.7 BIG FM”, reaching to 45 cities, 1200 towns and over 200 million people. It reaches out to around 43 million listeners per week and engages with a large number of national and local advertisers.

     

    Reliance Broadcast Network Limited shall be transferring the 45 operational and 14 new licences into two SPVs respectively along with the assets and liabilities. ZMCL shall acquire 49% stake in each of these two SPVs. ZMCL and Reliance Broadcast Network Limited shall also have a call/put option to acquire/sell the balance 51% after the lock-in provisions on the permission holder of these licenses expire. As per MIB regulations, at least 51% shareholding needs to be held by the permission holder for a minimum period of three years from the date the channels were operationalised. The lock-in period for the 45 operational licenses shall expire on March 31, 2018, whilst the lock-in period for the 14 licences shall expire after the expiry of three years from the day all 14 licences shall have become operational, which is expected to be around March 2020.

     

    Said Rajiv Singh, COO, ZMCL: “We are pleased to announce this acquisition which shall not only be complementary to our current business but accelerate its growth too. We are currently running successfully a bouquet of 11 news and current affair channels and with the addition of 59 radio licenses, we will be reaching out to a much increased audience base and will keep them engaged on different media platforms. This acquisition shall bring about the desired business diversity and will help in achieving the sound financial objectives at an accelerated pace. We are confident that this investment will enhance value for all stakeholders and looking forward towards this exciting journey to take the company to the next level.”

     

    Said Sam Ghosh, ED and Group CEO, Reliance Capital in a statement: “We are happy to bring in Zee Media as our partner in the Radio business. This transaction is part of our strategy to reduce exposure in non-core businesses and work towards further reducing debt under Reliance Capital”.

     

    The proposed transaction remains subject to regulatory approvals including Ministry of Information & Broadcasting. The transaction is expected to close in the first half of CY2017.

     

    Television:

    Meanwhile, the Board of Directors of Zee Entertainment Enterprises Limited (“ZEEL”) has also approved the acquisition of the general entertainment broadcasting business undertaking of Reliance Big Broadcasting Private Limited, Big Magic Limited and Azalia Broadcast Private Limited, all part of Anil Ambani-led Reliance Group entities through a scheme of demerger and execution of definitive agreements in relation to such proposed acquisition..  The TV Broadcasting business of Reliance Group Entities currently comprises two operational general entertainment channels (“BIG Magic” and “BIG Ganga”) and 4 other TV licenses.

     

    BIG Magic is a Comedy channel catering to Hindi Speaking Markets. BIG Ganga is a leading Bhojpuri entertainment channel catering to audiences in Bihar, Jharkhand and Purvanchal. The channels are available on all major MSOs and DTH operators.

     

    The General Entertainment TV Broadcasting business undertaking along with its assets, liabilities, licenses, trademarks etc. shall get demerged from “BIG Magic Ltd”, “Reliance Big Broadcasting Private Ltd” and “Azalia Broadcast Private Ltd” into ZEEL through a court-approved scheme.

     

    Said Punit Goenka, MD & CEO, ZEEL: “We are pleased to announce this acquisition which further adds to our expanding universe of general entertainment channels. Big Magic gives us access to comedy genre enhancing our customer offerings. Big Ganga, a leading Bhojpuri channel syncs with our strategy of expanding into the regional markets which offers attractive growth potential. I am confident that these two channels will make the Zee Network channels more enriching for the audience and for the Company.”

     

    Said Sam Ghosh, ED and Group CEO, Reliance Capital: “We are happy to divest 100 per cent of our general entertainment TV business to Zee Entertainment. This transaction is part of our strategy to reduce exposure in non-core businesses and work towards further reducing debt under Reliance Capital.”

     

    The proposed transaction remains subject to approval of the shareholders and requisite regulatory approvals including stock exchanges, Ministry of Information & Broadcasting and the Bombay Hight Court. The transaction is expected to close in the second half of CY2017.

     

  • Ad Club sets up new managing committee, Raj Nayak re-elected President

    By A Correspondent

     

    The Advertising Club has elected Raj Nayak, CEO, COLORS, as its President for the second consecutive term.

     

    The new managing committee is as follows:

    • President: Raj Nayak, CEO, COLORS, Viacom18 Media Pvt. Ltd.

    • Vice President: Vikram Sakhuja, Group CEO, Media and OOH, Madison Communications Pvt. Ltd.

    • Secretary: Ajay Kakar, Chief Marketing Officer, Financial Services, Aditya Birla Group

    • Jt. Secretary: Bhaskar Das, Group CEO, Zee Media Corporation Ltd.

    • Treasurer: Shashi Sinha, CEO, IPG Mediabrands

    • Officebearer: Ashish Sehgal, COO, Zee Unimedia Ltd.

    • Member: Mitrajit Bhattacharya, President and Publisher, Chitralekha Group

    • Member: Partha Sinha, Vice Chairman and Managing Director, McCann

    Worldgroup

    • Member:Pradeep Dwivedi, Chief Corporate Sales & Marketing Officer, DainikBhaskar Group, DB Corp Ltd.

    • Member, Ramesh Narayan, Managing Director, Canco Advertising Pvt. Ltd.

    • Member, Vikas Khanchandani, Chief Business Officer, Reliance Broadcast Network Limited

    • Member, Viral Jani, Head TV Partnerships, Twitter India

    • Co-opted Member: Partho Dasgupta, CEO, Broadcast Audience Research Council

    • Co-opted Member: Punitha Arumugam, Director, Agency Business, India and South East Asia, Google India Pvt. Ltd.

    • Co-opted Member: Ajay Chandwani, Director, Percept Limited

    Immediate Past President: Pratap Bose, Founder, Social Street

     

    Special Invitees:

    :: Preeti Vyas, Founder & Chairwoman, Vyas Giannetti Creative.
    :: Namrata Tata, Head of Sales, Colors Infinity, VH1 & Comedy Central.
    :: Sapangeet Rajwant, Head of Marketing, Hindi Mass Entertainment, Viacom18
    :: Manish Bhatt, Founder Director, Scarecrow Communications Ltd

     

    Expressing his pleasure at his re-election, Nayak said: “I am extremely honored and humbled at the love bestowed upon me by the industry. I hope to continue working even more vigorously to realise The Ad Club’s agenda of acting as a catalyst in developing our vibrant and dynamic industry.”

     

    Said Nakul Chopra, CEO South Asia, Publicis Worldwide and President, AAAI welcoming the announcement: “I am delighted that Raj has been elected President Ad Club for another term. A dear friend, a respected colleague – Raj has always worked for the good of the industry via various forums. I look forward to working closely with him to further the already strong relationship between The Ad Club and AAAI.”

     

    Commented Punit Goenka, MD & CEO, Zee and President, IBF: “I am most certain that with his rich experience, acumen and industry knowledge, Raj will continue to take ‘The Advertising Club’ to greater heights. The very fact that he is re-elected, speaks abundantly about his contribution made to the club and to the industry. Over the last year, the club has certainly been a catalyst in developing the industry and with its interactive platforms and properties, it has served as a brilliant platform for industry professionals to interact and exchange thoughts. I wish Raj all the success in this role.”

     

    Expressing his excitement about the announcement, Srinivasan Swamy, Chairman and MD, R K Swamy BBDO and President IAA India Chapter and Senior Vice President IAA Global, said, “I was delighted to hear that Raj was reelected to lead The Advertising Club. His passion and energy levels are infective. He has brought in many senior names‎ to join the committee and I eagerly look forward to next phase of accelerated growth for the Club under his stewardship.”

     

    Industry stalwart Sam Balsara, Chairman, Madison World, also expressed his pleasure by saying, “I am delighted that Raj has agreed to continue as The Ad Club President. This augurs well for the members of the advertising, media and marketing community in general and members of The Ad Club in particular. Raj is everybody’s favorite person and is uniquely positioned to discharge this onerous responsibility which he has kindly agreed to, despite his hectic and I am sure taxing work schedule”.

     

    Industry veteran CVL Srinivas, CEO, GroupM, South Asia, commented, “Its great news for the industry that Raj Nayak has been re-elected President of The Advertising Club. Raj brings a lot of style and substance to whatever he does. His boundless energy, passion and commitment is so amazing. I wish him the very best and look forward to another great year with him at the helm”.

     

  • Punit Goenka is new IBF President

    By A Correspondent

     

    Punit Goenka

    Zee Entertainment Enterprises Managing Director and CEO Punit Goenka was elected  President of the Indian Broadcasting Foundation (IBF) at the AGM held New Delhi last week.

     

    The IBF Board also elected Rajat Sharma (Chairman, India TV), N P Singh (CEO, Sony Pictures Network), Sudhanshu Vats (Group CEO, Viacom 18), K Madhavan (Managing Director, Asianet Communications) as Vice-Presidents; and KVL Narayan Rao (Executive Vice-Chairperson, NDTV) as the Treasurer of the Foundation for a period of one year.

     

    Said Goenka, who is also chairman of joint industry body Broadcast Audience Research Council (BARC): “I am delighted to lead the Indian broadcasting sector at a time when there is a lot of churning and India is being looked upon as global destination for investments. In the ensuing and continuing efforts of making India as a broadcasting superpower, I wish to work in a most collaborative manner with the Government, Industry and other stakeholders for realisation of the sector’s value chain to the optimum.”

     

    Uday Shankar

    Outgoing IBF President Uday Shankar said, “I cannot think of a more suitable person than my dear friend, Punit Goenka to handover the leadership of IBF.  Over the years, Punit has eminently helped me in navigating IBF through these volatile times.  He is also the primary architect of Broadcast Audience Research Council (BARC).  His intelligence, dynamism and maturity will be great assets for IBF and the Indian media.”

     

     

  • Mother-of-all-deals! Sony acquires Ten from Zee @ Rs 2.6k crore, Zee to exit sports for 4 yrs

    NP Singh of Sony Pictures Network and Punit Goenka of Zee Entertainment signing the agreement for the sale of the Ten Sports​ bouquet

     

    By A Correspondent

     

    Okay, we did know that the Zee group was keen on hiving off its sports channels. And we did know that Sony Pictures Network has major plans with sports, and has been hungry for acquisitions. But this announcement was big by all standards, and involved two broadcast superpowers.

    On Wednesday, Sony Pictures Networks India (SPN) announced that SPN and its affiliates have entered into definitive agreements to acquire TEN Sports Network from Zee Entertainment Enterprises Limited (ZEE) and its subsidiaries for 385 million US dollars. The completion of the acquisition is subject to regulatory approval.

    The Ten Sports channels being acquired include Ten 1, Ten 1 HD, Ten 2, Ten 3, Ten Golf HD, Ten Cricket, Ten Sports that operate in several countries including the Indian sub-continent, Maldives, Singapore, Hong Kong, Middle East, Caribbean.

    What this means is that the Zee group which had pioneer private league sports with the Indian Cricket League,  will now exit sports for the moment. For, as part of the deal, there is a non-compete clause which prevents Zee from getting into sports. This will also prevent Zee from participating in the auctions for the Indian Premier League due next year.

     

    It may be noted Ten Sports holds broadcast rights to major cricket boards (South Africa, Pakistan, Sri Lanka, West Indies and Zimbabwe). In addition, Ten Sports holds rights to wrestling (WWE), football (UEFA Champions League, UEFA Europa League, French League, English Football League Cup), tennis (WTA Events, ATP events), golf (European Tour, Asian Tour, Ryder Cup, US PGA Championship, LPGA Tour, Professional Golf Tour of India and Golf Channel Block), athletics (Asian Games, Commonwealth Games), motor sports (Moto GP) and cycling (Tour de France) events.

     

    Commenting on the acquisition, NP Singh, CEO, Sony Pictures Networks India said: “I welcome Ten Sports to the Sony family. The acquisition of Ten Sports Network will strengthen SPN’s offering for viewers of cricket, football and fight sports, complementing our existing portfolio of international and domestic sporting properties. It also aptly demonstrates SPN’s commitment to providing a broad range of sporting entertainment to fans across India and the sub-continent.”

     

    Andy Kaplan, President, Worldwide Networks, Sony Pictures Television added: “India has been a strong driver of Sony Pictures’ growing networks business for two decades, and sports continue to play a significant role in that growth. The acquisition of TEN Sports, following the launch of SONY ESPN channels, will mean that our Indian networks would reach over 800 million viewers and broadcast many of the most popular and prestigious sporting events in the world.”

     

    Punit Goenka, Managing Director, Zee Entertainment Enterprises Limited (ZEE) said: “This is a landmark deal for Zee and a step towards a strategic portfolio shuffle as we grow our general entertainment business both in the domestic and overseas markets. While we have grown our sports business over the last 10 years through acquisition of content at competitive prices, our focus now is on transforming ourselves into an all-round media and content company, comprising of five verticals, viz. broadcast, digital, films, live events, and international business; and we continue to move rapidly towards our set business goals. While I have always been proud of our sports business, I strongly believe that Sony will add more value to it by taking it to even greater heights. I wish them all the success.”

     

    According to industry and market observers, the move should help shore up the bottomline for Zee Entertainment. Sports has been a downer for Zeel, having not been able to measure up to the power of Star India in terms of rights for various sporting events, said an analyst on anonymity. “It’s better to not be a laggard, then just be in business for the sake of having your fingers in every pie.”

     

  • Former HUL ED Punit Mishra to helm broadcast at ZEEL

    By A Correspondent

     

    Punit Misra, former Executive Director – Sales and Customer Development at Hindustan Unilever (HUL) will be take charge as CEO - Domestic Broadcast Business at Zee Entertainment. Misra will report to Punit Goenka, MD and CEO, ZEEL for his role. His appointment is with effect from October 1, 2016.

  • Germany gets a taste of Bollywood with Zee.One

    By A Correspondent

     

    India’s leading media conglomerate, Zee Entertainment Enterprises Limited (ZEEL)  announced the launch of Zee.One, its dedicated Bollywood movie channel for the German market. The channel was launched in Germany by Punit Goenka, MD & CEO, ZEEL, Amit Goenka, CEO - International Broadcast Business, ZEEL,  Friederike Behrends, CEO – Asia TV GmbH (Zee TV) and international Bollywood Superstar, Shah Rukh Khan.

     

    Punit Goenka, MD & CEO, Zee Entertainment Enterprises Limited (ZEEL) said: “As a global media conglomerate, ZEEL is present in 171 countries entertaining over one billion viewers across the world. With our entry into Germany, we are now present in one of the most important and competitive TV markets worldwide. This is what makes the launch of Zee.One special for us.”

     

    Amit Goenka, CEO – International Broadcast Business, ZEEL added: “The launch of Zee.One in Germany is a step further as part of our international expansion strategy. We want to establish a lasting presence and of course, grow in the German television market. With our highest levels of entertainment, we are confident of being able to offer viewers an attractive enrichment to the existing range of television offerings. We are proud and happy to welcome the German community into our ZEEL family.”

     

    Friederike Behrends, CEO – Asia TV GmbH German speaking countries (Zee TV) said: “From today, the German TV landscape will be enriched by a unique, new channel, Zee.One. We want to entertain our viewers with the best of films, series, and music daily, making Zee.One a channel for all the senses!”

     

    Zee.One – I Feel Bolly.Good will deliver high-quality entertainment from Bollywood. The free-to-air channel will broadcast a great variety of movies and series, starring popular international megastars like Shah Rukh Khan and Deepika Padukone. The movies will span across all genres including romance, comedy, action among others. Furthermore, music clips with outstanding dance performances as well as in-house productions will add to the entertainment.

     

  • Zee launches dittoTV in a new avatar

    By A Correspondent

     

    Punit Goenk

    Zee Digital Convergence Ltd unveiled a new avatar of dittoTV on Tuesday in Mumbai. The live TV platform that allows viewers to watch their favourite programmes at the time of broadcast was originally launched in 2012. With the tagline as ‘Desh Ka TV’, it promises to make live television available via any device – phones, tablet or personal computer, at just Rs 20 per month.

     

    The app in its new avatar allows users to access 100+ Hindi, English and regional-language channels, encompassing general entertainment, sports, movies, news and lifestyle. It is designed to deliver an affordable viewing experience and flexible viewing options.

     

    Said Punit Goenka,MD and CEO, Zee Entertainment Enterprises Ltd: “The digital entertainment space in India is at the cusp of a strong phase of growth. With the new avatar of dittoTV, we aim to change the media landscape to suit the evolving media consumption preferences of consumers. It will allow consumers to control where they watch television in a way that has not been possible before. We are proud to present a platform that will help scale up this transformation by making it affordable for people across a wide economic spectrum.”

     

    Archana Anand

    This initiative is not just limited to the Zee network programmes but viewers will be able to watch shows from other networks as well. Except for Star Plus and Sun TV, viewers will be able to access most of the other channels on this platform. Speaking more about the business strategy, Archana Anand, Business Head, dittoTV added:  “With the new version of dittoTV, we expect to change the way India watches TV forever. At the incredible price of Rs 20, we see dittoTV becoming a necessity and everyone’s default app on their mobile phones, allowing them to access TV just about anytime and anywhere. We see it serving as your first and only screen, as your second screen or just your TV on the go! Keeping the Indian landscape in the mind, dittoTV is also available in Hindi and will soon be available in all regional languages.”

     

    To make sure that live television is within the reach of every Indian, it has tied up with  Idea Cellular, to offer its users of 3G and 4G internet packs a free monthly subscription with every recharge. It provides its customers the ease of streaming their favourite TV channels live on their smartphones. Under a promotional offer, all Idea customers in Idea 3G and 4G provider circles will be able to subscribe to dittoTV free of cost, along with select monthly data packs, until July 31. It is available on Android, Windows and iOS platforms, making cumbersome annual contracts, satellite dishes and set-top boxes obsolete.

     

    dittoTV has partnered with Siti Cable and ITZ Cash to supply easy-to-use recharge cards at retail channels. The app’s adaptive technology will adjust to a range of internet speeds in order to deliver a seamless viewing experience, making it easy for both urban and rural markets.

     

  • Akash Chawla to be Biz Head of Zee TV, Deepak Rajadhyaksha is Dy Biz Head

    By A Correspondent

     

    Akash Chawla

    Zee Entertainment Enterprises Ltd has announced the appointment of Akash Chawla and Deepak Rajadhyaksha as Business Head and Deputy Business Head respectively of flagship channel Zee TV.

     

    In the new structure, Akash Chawla, in addition to his current portfolio as Business Head- Essel Vision Productions Limited/Zee Studios for content creation on films, television and digital will now also take charge as Business Head of Zee TV.  In his earlier broadcasting stint, Chawla has spearheaded the marketing function for the flagship and national channels like ZeeTV, Zee Cinema and Zee Classic. He has also played a key role in the launch of channels like &pictures, Zee Anmol and Zindagi. All the functions of Zee TV like marketing, research and PR will align with Chawla going forward.

     

    Deepak Rajadhyaksha, who has been Business Head of  Zee Marathi will now take charge as the Deputy Business Head, Zee TV. The entire programming, OAP and Operations team would align and report to Rajadhyaksha and he will report to Akash Chawla. Both will work closely with ZEEL – MD & CEO, Punit Goenka.