Reliance Industries may soon buy controlling stakes in two of India’s largest cable TV and broadband service providers, Hathway Cable & Datacom and DEN Networks. The news was first reported by The Economic Times.
Both Den and Hathway had informed the stock exchanges that the respective boards are meeting on October 17 to discuss and approve a proposal for raising funds.
Quoting key people with direct knowledge of the development, the newspaper reported that RIL is likely to own more than 25% each in the two companies giving it the ability to control developments and get a seat on the board.
Hathway Cable is owned by the Raheja Group while Sameer Manchanda owns DEN Networks.