Murdoch exits Hathway Cable

Rupert Murdoch-led global media conglomerate News Corp has exited from Indian cable operator Hathway Cable & Datacom

Written by Express News Service | Mumbai | Published: March 13, 2012 1:30:05 am

Rupert Murdoch-led global media conglomerate News Corp has exited from Indian cable operator Hathway Cable & Datacom. The Murdoch firm sold its entire 17.3 per cent stake in the Raheja group company to two foreign funds — Macquarie Bank Ltd and Providence Equity Advisors Mauritius Ltd — for Rs 358.39 crore. News Corp held this stake in Hathway Cable as a promoter entity,through a group entity Asian Cable Systems Pvt Ltd. The reasons for News Corp offloading its holding in the company could not be ascertained immediately.

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