RIL to buy stake in Hathway cables and Den Networks

Reliance Industries Limited said on Wednesday that it will buy 66 per cent stake in Den Networks Limited and 51.3 per cent stake in Hathway Cable and Datacom Limited.

According to the company, it will make a primary investment of Rs 2,045 crore through a preferential issue under SEBI(Securities and Exchange Board of India) regulations and secondary purchase of Rs 245 crore from the existing promoters for a 66 per cent stake in Den Networks Limited.

RIL said that on acquiring stake in Hathway Cable and Datacom Limited, it will make a primary investment of Rs 2,940 crore through a preferential issue under SEBI

 

regulations for a 51.3 per cent stake in Hathway Cable and Datacom Limited.

Further, RIL said it would also make open offers in DEN and Hathway as well as for GTPL Hathway Limited, a company jointly controlled by Hathway with 37.3 per cent stake, and Hathway Bhawani Cabletel and Datacomm Limited, a subsidiary of Hathway as required under SEBI Takeover Regulations.

Mukesh Ambani, Chairman and MD, Reliance Industries Limited said: "Our investments in DEN and Hathway create a win-win-win outcome for the LCOs(Local Cable Operators), customers, content producers and the eco-system."

"With Local Cable Operators now as part of the Jio ecosystem, we look forward to bringing Jio's advanced JioGigaFiber and Smart Home Solutions to more Indian homes, even quicker. We look forward to welcoming other MSOs (Multiple System Operators)and LCOs to be part of this partnership."

"This will result in growing wireline data connectivity in India and making state-of-the-art high-speed affordable internet and digital services accessible to the widest population in the shortest possible time."

--IANS

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