Indian telco giant Reliance Industries has taken a majority stakes in two cable MSO Hathway Cable and DEN Networks. The news of Reliance’s interest first broke on October 3rd.
Detailed final costs for the whole operation are not yet available because of the myriad subsidiary companies also affected by the move but local reports say that Reliance will pay more than $1 billion to buy the MSOs.
The main investments cover a 66 per cent stake in DEN and 51.3 per cent move on Hathway. Reliance’s portfolio of businesses includes the ‘Jio’ cellular 4G/LTE service.
According to a statement from Reliance, these strategic investments are in furtherance of Reliance’s mission of providing India with affordable broadband service.
“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,” the company said in a statement.
Reliance Jio says it aims to bring JioGigaFiber to more than 50 million homes across 1,100 Indian cities and towns, in the shortest possible time.