RIL acquires stake in DEN Networks, Hathway Cable for JioGigaFibre rollout

MUMBAI | RAJKOT – In a press release submitted to the Exchanges in India on Wednesday, after having released the outcome of board meetings and quarterly earnings data for quarter ended on September 30, Reliance Industries Ltd said of having acquired stake in Den Networks Ltd and Hathway Cable and Datacom Ltd.

Reliance Industries Ltd announces strategic investment in and partnership with Den Networks Ltd, and Hathway Cable and Datacom Ltd transaction, to accelerate JioGigaFiber rollout to 50 million homes across 1,100 cities, the filing read.

The company also claimed that these investments and partnerships will create a win-win outcome for customers, local cable operators, content producers and the companies, the filing said.


The company announced of having invested primary investment pegged at 20.45 billion (~2,045 crore) rupees through a preferential issue under SEBI (Securities & Exchange Board of India) regulations and secondary purchase of 2.45 billion (~ 245 crore) rupees from the existing promoters for a 66% stake in Den Networks Ltd (“DEN”), the release read.

The company also announced of having done primary investment pegged at 29.40 billion (~2,940 crore) rupees through a preferential issue under SEBI regulations for a 51.3% stake in Hathway Cable and Datacom Ltd (“Hathway”), the release said.

Having acquired stake in two business entities, Reliance Industries Ltd would also make open offers in DEN and Hathway as well as for the other subsidiaries or companies as required under SEBI Takeover Regulations.

The two subsidiaries or group companies include GTPL Hathway Ltd, a company jointly controlled by Hathway with 37.3% stake and Hathway Bhawani Cabletel and Datacomm Ltd, a subsidiary of Hathway, the release said.


These strategic investments are in furtherance of Reliance’s mission of connecting everyone and everything, everywhere – always at the highest quality and the most affordable price and transforming India’s digital landscape, the release read.

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 release claimed.


Jio has already started work on connecting 50 million homes across 1,100 cities.

It will work together with Hathway and DEN and all the LCOs to offer a quick and affordable upgrade to a world-class lineup of JioGigaFiber and Jio Smart-Home Solutions to the 24 million existing cable connected homes of these companies across 750 cities.

This will accelerate Jio’s commitment to connect 50 million homes with JioGigaFiber in the shortest possible time.


Further details about the transaction are contained in the Public Announcement issued to the Stock Exchanges.

The transactions are subject to customary regulatory and other approvals.

RIL is being advised by JM Financial Limited, Citigroup Global Markets, Khaitan & Co, Cyril Amarchand Mangaldas, AZB Partners and EY LLP on this transaction, the release read.

The announcement from the company had hit the exchanges late in evening on Wednesday, after the trading session had come to an end.