Hathway gets go ahead for $153MN foreign investment plan

DetailsRebecca Hawkes | 30 July 2015

The Indian Government has approved an increase in foreign investment for multi-system operator (MSO) Hathway Cable and Datacom.

The request, to the tune of INR9.81 billion (US$153.37 million), will see Hathway's foreign investment of issued and paid up share capital increased from 49% to 74%, in line with the recommendation by the Foreign Investments Promotions Board (FIPB) under the Portfolio Investment Scheme.

A proposal for increased foreign investment by rival cable TV and broadband operator Den Networks has, however, been deferred again. Den requested an increase from 49% to up to 74% by eligible foreign investors through secondary market or open market share purchase.

Reliance Globalcom (Bermuda) and Sistema Shyam Teleservices have also seen their foreign investment plans deferred by the government.