Cable TV
Siti Cable Network looks to raise Rs 600 crore
MUMBAI: Essel Group’s subsidiary Siti Cable Network has decided to raise funds worth Rs 600 crore through the issuance of securities. This will be used for operations of the company.
In a statement to the BSE, Siti Cable has said that it has received in-principle approval from its board of directors to raise funds through “issuance of securities such as Equity or Equity related instruments up to rupee equivalent of US$ 100 millions – through private placement / Qualified Institutions Placement (“QIP”) / External Commercial Borrowings (ECBs) with rights of conversion into Equity Shares / Foreign Currency Convertible Bonds (FCCBs) / American Depository Receipts (ADRs) / Global Depository Receipts (GDRs) or any other securities convertible into or exchangeable for Equity Shares or securities linked to Equity Shares.”
This is subject to approval from shareholders and other such approvals. The board has also approved the draft of the postal ballot notice for seeking approval from members of the company including issuance of securities.
The promoters had pumped in Rs 324 crore in three tranches between March 2013 to April 2014. This had increased the promoter shareholding to 72.82 per cent. These funds were being used for business expansion and debt reduction.
The company’s CEO VD Wadhwa had in an interview to indiantelevision.com in January 2014 said, “Phases III and IV of digitisation has a total universe of about 90 million. Of these, we are targeting 6 to 7 million homes. At a gross level, we will require an investment of Rs 1200 crore. On a net basis, we are expecting an investment to the tune of Rs 600 crore. The funding of phase III will be largely done through warrants’ funding of Rs 243 crore, which is likely to be invested by promoters before March 2014. Balance funding requirement will be met through internal accruals and raising of further equity, as may be required.”
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.
