Reliance Industries to Acquire Hathway Cable, Den Network for Rs 5,230 Crore
Mukesh Ambani led Reliance industries on Wednesday announced to buy a majority stake in cable and broadband operators.
New Delhi, October 17: In a bid to fasten its fibre-to-home initiative, Mukesh Ambani-led Reliance Industries on Wednesday announced to buy a majority stake in cable and broadband operators. With the latest development, Reliance will buy controlling stakes in Den Networks Ltd and Hathway Cable and DataCom LTD. This acquisition will mark its third and fourth acquisition after picking 25 stakes in Balaji Telefilms and buying out the Network18 group. Reliance Industries Ltd Becomes First Indian Company to Cross Rs 8 Lakh Crore-Mark.
This comes after the Reliance reported his highest quarterly profit in July-September. “We, at Jio, are glad about our progress towards our mission with more than 250 million subscribers on our network within 25 months of commencement of services,” RIL chairman Mukesh Ambani said. Reliance Jio GigaFiber Registrations Now Open Online at Jio.com.
“Our next generation FTTH and enterprise services are now being made available to our customers to further enhance our value proposition to our customers,” Ambani added.
Reliance will buy a 51 per cent stake in Hathway and Datacomm Ltd for Rs 2,940 crore. Similarly, it will make an investment of Rs 2,045 crore to buy 66 per cent stake in Den network and Rs 245 crore to the previous promoters in the North.
With this acquisition, reliance will advance towards its JioGigaFiber and smart home solutions. Both the cable providers have a total of 14.4 million cables and nearly 8,00,000 broadband connections. While, RIL share fell 1.27% to Rs 1,148.90, on NSE it closed at 1,151.00, down at 1.10%.
(The above story first appeared on LatestLY on Oct 17, 2018 11:42 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).