Broadband Pacenet, a Mumbai based ISP has received an approval from the Foreign Exchange Promotion Board to divest 74 percent stake, and receive foreign investment to the tune of Rs. 17.336 crores (around $4 Million). It’s been a long time coming – PE firm Ashmore Investment Management had announced this investment around a year ago.
Pacenet had initially applied for 100 percent FDI, after which the policy was changed, so they had to apply again for 74 percent. Among the founders of Pacenet is former WWIL (Zee Group) MD Jagjit Kohli. Ashmore also picked up 49 percent stake in another Kohli venture – the Cable TV venture Digicable Network