Cable TV
FinMin defers decision on Hathway & Den’s proposals for increasing FDI
NEW DELHI: The Finance Ministry has deferred any decision on proposals by two multi-system operators (MSOs), Hathway Cable and Datacom Limited and Den Networks, for increasing the foreign direct investment to 74 per cent.
The action was taken on the advice of the Foreign Investments Promotion Board (FIPB).
Hathway Cable and Datacom Limited had sought approval for increasing foreign investment limit for FIIs, FPIs, etc. under the Portfolio Investment Scheme from 49 per cent of its issued and fully paid up share capital to 74 per cent.
The government had in 2012 relaxed foreign direct investment (FDI) limit in direct to home (DTH), cable TV industry and teleports from 49 per cent to 74 per cent.
In January, Hathway Cable & Datacom, which became the first MSO to have crossed the $1 billion mark in terms of enterprise valuation, announced that its Board of Directors had approved and passed the resolution to increase the foreign investment limit from the current 49 per cent to 74 per cent, subject to approval from the FIPB of India, Ministry of Finance and/or the Reserve Bank of India (RBI).
“Subject to receipt of approval of the Foreign Investment Promotion Board of India, Ministry of Finance and / or the Reserve Bank of India and all other applicable authorities, increasing the foreign investment limit only by Foreign Institutional Investors, Foreign Portfolio Investors, etc. under the Portfolio Investment Scheme in accordance with Schedules 2 and 2A of the Foreign Exchange Management Act (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 in the Company from 49 per cent to 74 per cent of the issued arid fully paid-up share capital of the Company,” read the announcement.
Meanwhile, Den had sought for increase in foreign investment limit beyond 49 per cent and up to 74 per cent by FIIs, NRIs, FPIs, and other eligible foreign investors through route of secondary market and / or open market purchase.
A spokesperson for Den said that it would wait to hear from FIPB about the reasons for deferring the decision, before reacting.
Earlier in March this year, the Board of Directors of Den Networks approved this proposal to increase foreign investment limit from the existing 49 per cent to 74 per cent of the issued and fully paid-up share capital of the company.
The decision was subject to shareholder approval (through postal ballot), Foreign Investment Promotion Board nod and adherence to all other statutory requirements. Currently, FIIs hold 20.27 per cent stake in Den Networks.
Cable TV
Hathway Cable appoints Gurjeev Singh Kapoor as CEO
Leadership change comes as cable TV faces shrinking subscriber base and modest earnings pressure
MUMBAI: Hathway Cable and Datacom has tapped industry veteran Gurjeev Singh Kapoor as chief executive officer, marking a leadership pivot at a time when India’s cable television business is under mounting strain.
Kapoor will take over from Tavinderjit Singh Panesar, who is set to retire in August after a long innings with the company. Panesar, chief executive since 2023, has held multiple leadership roles at Hathway, including his latest stint beginning in 2022.
Kapoor brings more than three decades of experience in media and entertainment. He most recently led distribution at The Walt Disney Company’s Star India business, now part of JioStar. His career spans television distribution and affiliate partnerships, with stints at Sony Pictures Networks India, Discovery Communications and Zee Entertainment.
Panesar, with over three decades in the industry, has worked across strategic planning, distribution and business development in media, broadcasting and manufacturing. His past associations include ESPN Star Sports, Star India, Apollo Tyres and JK Industries.
The transition lands as the cable sector grapples with structural disruption. Traditional operators are losing ground to streaming platforms, while telecom and broadband players tighten the squeeze with bundled offerings.
An EY report estimates India’s pay-TV base could shrink by a further 30 to 40 million households by 2030, taking the total down to 71 to 81 million. The slide follows a loss of nearly 40 million homes between 2018 and 2024, a contraction that has already wiped out more than 37,000 jobs in the local cable operator ecosystem.
Hathway’s numbers reflect the strain. The company reported a consolidated net profit of Rs 93 crore for FY25, down from Rs 99 crore a year earlier. Revenue inched up to Rs 2,040 crore from Rs 1,981 crore. As of December 2025, it had about 4.7 million cable TV subscribers and roughly 1.02 million broadband users.
Kapoor steps in with a familiar brief but a shrinking playbook. In a market where viewers are cutting cords faster than companies can reinvent them, the new chief executive inherits a business fighting to stay plugged in.
