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Your Wait For Jio GigaFiber Could End Soon as Reliance Industries Plans to Acquire Hathway Broadband

Written by Harshad Patankar

Although the Google’s project loon has disappointed the Indians for rolling out fastest internet services it can be fulfilled with Reliance’s Jio GigaFiber. A few months back Reliance introduced India’s fastest internet service Reliance JioFibre; with which you can surf up to 1 Gbps in India. Now 
Reliance Industries wants to speed up the launch of Jio GigaFiber. In a bid to do that the company has initiated talks with Hathway. Hathway Cable and Datacom is India’s largest cable operator. RIL plans to buy the company so that Jio GigaFiber can reach the people sooner. 

Why Hathway Cable? 

Hathway is a cable company that operates multiple systems. In other words, it signs carriage and content agreements with broadcasters. It then provides its services to the local cable operators.

Below are snaps of the Hathway

  • 11 million digital TV subscribers, 80000 Broadband subscribers.
  • The company’s average broadband business revenue (ARPU) per user in the June quarter was approximately Rs.710 per month.
  • Moreover, Hathway has more than 8,00,000 broadband and around 11 million digital TV users.
  • The company’s promoter Raheja Group holds 43.48% shares of Hathway, and total valuations are around INR 2500 Cr. 
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Rajan Gupta, MD, Hathway, disclosed that the company received Rs.100 crore in July and another Rs.100 crore by August end. The balance Rs.150 crore would be received by them by March 2020. Besides this, in the next few months, the company will be earning Rs.150 crores from its operations.

RIL’s Acquisition of Hathway

Both Hathway and RIL have refused to comment on the development but insider sources confirm the news. According to them the talk between the two is still in its initial stages and all talks about the deal are still on an exploratory basis. They also revealed that even though it is not yet clear whether the negotiations will turn positive, RIL is pursuing this contract quite aggressively.

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Reliance had made an attempt to acquire another cable operator before Hathway. Last year in September RIL was in advanced talks with DEN Networks promoter Sameer Manchanda regarding a possible buy-out. When negotiations failed, Reliance Jio decided to launch Jio GigaFiber as a complete part of Reliance Jio Infocomm.

We’ll update you on this as development happens ! 

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About the author

Harshad Patankar

My name is Harshad Patankar and I am the chief blogger at BumbleBeeHub Blog and where I like to share my internet/tech experience along with some fascinating updates around the Business, Technology, Education and Government sectos with my online readers on this website. You can read more about me at my About Page. You can follow me on Twitter, Facebook & Google