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