Reliance Industries is in advance stages of acquiring significant stakes in cable TV and broadband service providers Den Networks and Hathway Cable and Datacom, according to sources. Also Read - Zoom releases statement after JioMeet trolled for similarities
“RIL through its subsidiaries is in advance stages of discussion with Hathway Cable and Datacom and Den Networks. The deals may be announced on Wednesday,” a source aware of the development said. Also Read - Jio Platforms stake sale: Intel becomes 11th investor with Rs 1,894.50 crore investment
Meanwhile, Hathway Cable and Den Networks informed bourses that their respective boards would meet on October 17 to discuss fund raising through issuance of equity shares. “…the Board of Directors of the Company is scheduled on 17/10/2018 ,inter alia, to consider and approve proposal for raising of funds by issuance of equity shares”, Hathway Cable and Datacom said in a regulatory filing. Also Read - Reliance Jio's JioMeet takes on Zoom with HD conferencing and 100 participants limit
Similarly, Den Networks informed bourses that “the meeting of the Board of Directors of the Company is scheduled on October 17, 2018 ,inter alia, to consider and approve a proposal for raising of funds inter alia by issuance of equity shares”.
Email queries sent to RIL and Hathway Cable seeking their response remained unanswered, while Den Networks did not comment.
RIL plans to venture into optical fibre based high speed broadband services under Reliance Jio. The acquisition will help Jio in expeditious launch of its broadband service.
Hathway has high-speed cable broadband services across 16 cities including four metros and three mini metros with around 35,000 kilometres of fibre cable network. The company has around 8 lakh broadband customers.
Den Cable has already started its first phase of expansion in 15 cities, has plans to roll out its services in over 500 cities in the coming 2-3 years.
This is published unedited from the PTI feed.