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Govt approves Hathway’s proposal to increase FDI limit to 74%
MUMBAI: 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.
Hathway had applied to the Ministry of Finance for increasing its FDI cap after foreign shareholding in the company had reached the prescribed threshold and the Reserve Bank of India (RBI) barred foreign investors from purchasing further shares in the company.
The Foreign Investment Promotion Board (FIPB) has cleared Hathway’s proposal.
Earlier in January, the Hathway board had approved the proposal, following which its shareholders also gave their nod via postal ballot.
As of 30 June 2015, foreign investment in Hathway stood over 48 per cent. Foreign portfolio investors (corporates) hold 25.24 per cent in the company, while foreign institutional investors and foreign companies hold 14.55 per cent and 6.5 per cent respectively.
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.