AZB & Partners, Cyril Amarchand Mangaldas and Khaitan & Co have advised Indian oil-to-telecoms conglomerate Reliance Industries and its subsidiaries on its $312 million acquisition of a 66 percent stake in local cable TV and Internet service providers Den Networks.
The seller was represented by Link Legal India Law Services which includes partners Anuj Trivedi and Milind Jha. The AZB partners acting on the deal were Ashwath Rau, Harsh Maggon, Samir Gandhi and Rahul Rai.
According to Reuters, this was the second recent telecom purchase by Reliance, which is controlled by India’s richest man Mukesh Ambani, as it expedites the rollout of its new fibre broadband service. The company will acquire a 51.3 percent stake in Hathway Cable and Datacom Ltd for $399 million.
In July this year, Reliance announced the launch of its fibre broadband service, JioGigaFiber. It said that it would likely be rolled out in 1,100 Indian cities and connect 50 million homes. According to Reuters, Reliance has been testing its broadband service in some cities.
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