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Hathway gets govt nod for increasing FDI; Den proposal deferred

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NEW DELHI: Hathway Cable and Datacom Limited has received approval from the Government for increasing foreign investment limit for FIIs, FPIs, etc.

The Government has cleared seven foreign investment proposals, including that of Hathway, totalling over Rs 981 crore.

The recommendation by the Foreign Investments Promotion Board (FIPB) under the Portfolio Investment Scheme from 49 per cent of its issued and fully paid up share capital to 74 per cent was approved by the Finance Ministry.

However, the proposal by the other major multi system operator, Den Networks Limited has been deferred yet again. The proposal was for increase in foreign investment limit beyond 49 per cent and upto 74 per cent by FIIs, NRIs, FPIs, and other eligible foreign investors through route of Secondary Market/Open Market purchase.

Proposals of Reliance Globalcom (Bemuda) and Sistema Shyam Teleservices were also deferred.

According to the Ministry, the proposal, related to the telecom and broadcasting sector had investment worth Rs 963 crore. 

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