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Reliance will invest Rs.5,000 crore in West Bengal: Ambani
Reliance will invest Rs.5,000 crore in West Bengal: Ambani
Business

Reliance to acquire majority stakes in DEN, Hathway Cable

Agency News

Mumbai, Oct 20: Mukesh Ambani-led Reliance Industries Ltd (RIL) has acquired controlling stakes in two of India's leading cable TV and broadband companies- DEN Networks and Hathway Cable, as part of its plan to launch JioGigaFiber in 50 million homes and as a result, Reliance will pump in Rs 5,230 crore, to take control of the two companies.

RIL has picked up 66 per cent stake in DEN Network for Rs 2,290 crore, which includes primary investment of Rs 2,045 crore through a preferential issue and secondary purchase of Rs 245 crore from the existing promoters, the company said in a filing with the BSE.

The company has also made primary investment of Rs 2,940 crore through a preferential issue of 51.3 per cent stake in Hathway Cable and Datacom.

The company will also make open offers in DEN and Hathway as well as GTPL. UNI