Den Networks receives equity investment worth ₹600 crore1 min read . Updated: 07 May 2013, 12:28 AM IST
Den Networks will utilize the funds for its growth plans
Mumbai: Cable distribution firm Den Networks Ltd on Monday said it has secured an equity investment of $110 million (approximately 600 crore) from global investment bank Goldman Sachs.
The funds will be used for the company’s growth plans. According to Den executives, the company is off loading around 15% stake for the same.
“I am honoured and delighted to welcome Goldman Sachs Private Equity as a partner and shareholder in our company," said Sameer Manchanda, Chairman & Managing Director of DEN Networks.
“We at Den Networks are looking forward to learning from Goldman Sachs’ vast global knowledge and experience across industries and functions."
Den Networks reaches out to around 11 million households across 150 plus cities in India, according to the company.
Ankur Sahu, Co-Head of private equity in Asia at Goldman Sachs said, “We believe the cable industry in India is at an important inflection point and look forward to working closely with the management team to build the preeminent cable and broadband business in India."
Goldman Sachs has invested actively in cable and broadband related companies in several countries globally, including Cequel and Marcus Cable (US), Diamond Cable (UK), e-Access (Japan), Kabel Deutschland (Germany), C&M (Korea), Cablecom (Switzerland) and Get (Norway).