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Mukesh Ambani's RIL announces acquisition of majority stake in Hathway & DEN Networks

RIL invests Rs 2,045 crore in DEN and Rs 2,940 crore in Hathway

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MUMBAI: Reliance Industries today announced strategic investments 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 per cent stake in Den Networks Limited (DEN) and Rs 2,940 crore for a 51.3 per cent stake in Hathway Cable and Datacom Limited.

RIL is also planning to make open offers in DEN and Hathway as well as GTPL Hathway a company jointly controlled by Hathway with 37.3 per cent stake and Hathway Bhawani Cabletel and Datacomm Limited, a subsidiary of Hathway under SEBI Takeover Regulations.

Through this transaction, Reliance and Jio will be strengthening the 27,000 LCOs that are aligned with DEN and Hathway to enable them to participate in the digital transformation of India  through  (a) access  to  superior  back-end  infrastructure;  (b) tie-ups  with  content producers; (c) access to latest business platforms to improve business efficiencies and deliver customer experience; and (d) investment in digital infrastructure for connecting customers. And the LCOs will continue to do what they do best – provide localized, intimate, people-friendly and ultra-fast customer services. This will create multiple future opportunities for LCOs as Jio rolls out new services and platforms.

These investments and the creation of the digital eco-system will open up new channels for content monetization. This will lead to exponential growth for the content producers and broadcasters.

These investments will help in accelerating the march towards Digital India. Reliance will ensure compliance with all the regulatory and statutory requirements at all times and works towards systematic growth of the sector.

Jio has already started work on connecting 50 million homes across 1,100 cities. It will work together with Hathway and DEN and all the LCOs to offer a quick and affordable upgrade to a world-class lineup of JioGigaFiber and Jio Smart-Home Solutions to the 24 million existing cable connected homes of these companies across 750 cities. This will accelerate Jio’s commitment to connect 50 million homes with JioGigaFiber in the shortest possible time.

RIL chairman and MD Mukesh D. Ambani said, “We are glad to join hands with Shri Rajan Raheja and Shri Sameer Manchanda, two of the pioneers in the MSO industry. Our investments in DEN and Hathway create a win-win-win outcome for the LCOs, 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 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.”

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