Reliance Industries Limited (RIL) on Wednesday said the company has acquired 66 percent and 51.3 percent stake in Den Networks and Hathway Cable, respectively.

Reliance will make a primary investment of Rs. 2,045 crore through a preferential issue under Sebi regulations and secondary purchase of Rs. 245 crore from the existing promoters in Den Networks Limited, the company said.

The company will make a primary investment of Rs 2,940 crore through a preferential issue in Hathway.

"RIL would also make open offers in DEN and Hathway as well as GTPL Hathway Limited, a company jointly controlled by Hathway with 37.3 percent stake and Hathway Bhawani Cabletel and Datacomm Limited, a subsidiary of Hathway," the company 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 company said in a statement.

"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, it said.

The deal will be a big boost for gigafiber, Reliance Jio's broadband services and it will gain access to 20 million subscribers.

Jio will enhance last mile connectivity via 'right of way' with DEN, Hathway and there will be an addition of premium subscribers to aid Jio's average revenue per user.

Jio is likely to upgrade DEN, Hathway technology to fiber connectivity. Jio's gigafiber now will give competition to Airtel, Tata Sky, DishTV.

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First Published:Oct 17, 2018 7:27 PM IST