Hathway Cable looks to raise foreign investment
DetailsRebecca Hawkes | 09 January 2015
Indian multi-system operator (MSO) Hathway Cable & Datacom has received board approval to increase the foreign investment limit from the current 49% to 74%.
In an announcement to the Bombay Stock Exchange, Hathway said it wished to increase its foreign investment limit "by foreign institutional investors, foreign portfolio investors, etc," subject to receipt of approval of the Foreign Investment Promotion Board of India, Ministry of Finance (FIPB) and/or the Reserve Bank of India (RBI).
Earlier this month the cable TV and broadband operator became the first Indian MSO to have crossed the US$1 billion mark in terms of enterprise valuation, according to IndianTelevision.com.
In 2012, the Indian Government endorsed the recommendations of the Telecommunications Regulatory Authority of India (TRAI) to raise the foreign direct investment (FDI) limit from 49% to 74% for India's cable, direct-to-home and teleport broadcasting sector.