Cable TV distributor and multi system operator (MSO) Den Networks has received clearance from the Foreign Investment Promotion Board (FIPB) to increase its foreign investment limit from the current 49% to 74% reports IndianTelevision. The company is apparently working on building its broadband base and digitisation of Phase III and IV areas. According to the Indiantelevision report, FIIs currently hold 20.27 in the company. In March, the company’s board of directors had approved the proposal to increase its foreign investment limit. The decision was to go through a shareholder approval. Last month, Den’s proposal to increase its foreign investment from 49% to up to 74% by FIIs, NRIs, FPIs, and other eligible foreign investors through route of Secondary Market/Open Market purchase had been deferred by the FIPB. Currently DEN claims to have 13 million subscribers in over 200 cities and 13 states in India. In 2009, DEN Networks planned to foray into the broadband Internet market and acquire majority stakes in MSOs to expand its network. Promoted by Raghav Bahl, managing director, Network18 and Sameer Manchanda of IBN18, DEN offered analog as well as conditional access system (CAS) services under the brand name Digitelly. Then, it claimed to have 10 million analog cable TV customers and 300,000 subscribers of Digitelly. It had also acquired majority stakes in 62 cable operators as part of its growth strategy and was to continue acquisitions to widen its network coverage, both in the states in which it already had a presence and others. Snapdeal-Den shopping…
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