Reliance Industries Announces Strategic Investment In & Partnership With Den Networks, Hathway Cable & Datacom
Reliance Industries Limited (RIL) announced the following strategic investments:
(a) Primary investment of Rs. 2,045 crore through a preferential issue under SEBI regulations and secondary purchase of Rs. 245 crore from the existing promoters for a 66% stake in Den Networks Limited (“DEN”)
(b) Primary investment of Rs. 2,940 crore through a preferential issue under SEBI regulations for a 51.3% stake in Hathway Cable and Datacom Limited (“Hathway”)
RIL would also make open offers in DEN and Hathway as well as for the following companies as required under SEBI Takeover Regulations:
(a) GTPL Hathway Limited, a company jointly controlled by Hathway with 37.3% stake
(b) Hathway Bhawani Cabletel and Datacomm Limited, a subsidiary of Hathway
Reliance is privileged to partner with the Rajan Raheja Group, one of the most respected business houses in India, and Shri Sameer Manchanda, a first generation entrepreneur, who have created strong businesses through their business acumen and perseverance.
Reliance has the highest regard for the management teams in the respective companies and will work with them to further strengthen and improve business operations.
These strategic investments are in furtherance of Reliance’s mission of connecting everyone and everything, everywhere – always at the highest quality and the most affordable price and transforming India’s digital landscape. After having taken India to the top position in the mobile broadband space, Reliance is now committed to take India from a global rank of 135th to among the top-3 countries in the world on wireline digital connectivity.
These investments and partnerships will create a win-win outcome for the Local Cable Operators (“LCOs”), Consumers, Content providers and overall eco-system.