GTPL Hathway has acquired the cable television business of ACT Group for an aggregate cash consideration of Rs 36.23 crore as part of its strategy to expand its cable TV operations.
The company has entered into a Business Transfer Agreement (BTA) with seven ACT Group companies to acquire their cable television business for an aggregate cash consideration of Rs 36.23 crore through a slump sale on a going concern basis. The development has been disclosed in a regulatory filing by GTPL Hathway, a Reliance Industries Group-owned company.
The entities whose cable television businesses have been acquired include A.C.N Cable, ACT Digital Home Entertainment, Atria Broadband Services, Kable First India, Sri Venkateshwara Digital Home Entertainment, Mandapeta Digital Entertainment, and IB Communications Network.
