The government has approved multi-system operator (MSO) Hathway Cable & Datacom’s proposal to increase its foreign direct investment (FDI) limit to 74 per cent, from current 49 per cent.
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 220th meeting held on 3rd July 2015, Government has approved 07 proposals of Foreign Direct Investment amounting to Rs. 981.15 crore approximately.
The proposal, deferred a number of times before, was finally approved after the Department of Financial Services gave its approval.
Hathway Cable and Datacom have proposed the biggest investment of Rs 963 crore in the telecom and broadcast sector.
Meanwhile, a similar proposal from Sameer Manchanda-promoted MSO Den Networks to raise its FDI limit to 74 per cent has been deferred by the FIPB.
Six proposals have been deferred, which include those by Telecom Company Sistema Shyam TelServices and Reliance Globalcom, Bermuda, according to a release.