MUMBAI: Mukesh Ambani-owned Reliance Industries has received a go-ahead from the Competition Commission of India (CCI) to acquire majority stakes in two of the country’s largest cable operators, DEN Networks and Hathway Cable & Datacom.

RIL informed stock exchanges that it has received approval from the CCI on January 21for the acquisition.

ET was first to report on October 16, 2018, that RIL was close to acquire controlling stakes in the two cable TV companies as it was looking at ramping up coverage of its ambitious high-speed broadband network under JioGigaFiber.

Later, RIL said it will acquire 66% in DEN and 51.3% in Hathway for a total consideration of ₹5,230 crore. In DEN, Reliance is making a primary investment of ₹2,045 crore through a preferential issue and secondary purchase of ₹245 crore from existing promoters. In Hathway, RIL is investing ₹2,940 crore through a preferential issue.

Source: gadgetsnow.com