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Reliance Industries (RIL) has acquired a controlling stake in DEN Networks to ramp up coverage of its ambitious high-speed broadband network.
RIL has picked up 66 percent stake in DEN Network for Rs 2,290 crore, which includes primary investment of Rs 2,045 crore through a preferential issue and secondary purchase of Rs 245 crore from the existing promoters.
AZB & Partners acted for RIL with a team led by Partner Ashwath Rau and Harsh Maggon along with Senior Associates Medha Marathe and Gaurav Bansal and Associates Amitabh Robin Singh and Mahima Priyani.
Partners Samir Gandhi and Rahul Rai advised on competition law aspect.
Khaitan & Co advised Reliance on the due diligence aspect.
Link Legal advised DEN Networks. The team from Link Legal included Partners Anuj Trivedi and Milind Jha along with Senior Associates Sanya Haider and Kashish Arora and Associate Varija Khanna.
Shardul Amarchand Mangaldas acted for Den Networks alongside Link Legal, led by Partners Raghubir Menon and Prashant Gupta, with Principal Associate Gaurav Dayal.
Shardul Amarchand Mangaldas Mumbai office also acted for Goldman Sachs, an existing investor in Den Networks, led by Partner Mithun V Thanks and Principal Associate Neety Thakkar.
Reliance Industries has also acquired a majority stake in India’s largest cable operator, Hathway Cable & Datacom for Rs. 2,940 crore. Cyril Amarchand Mangaldas acted for Reliance Industries and Trilegal advised Hathway.
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