Mumbai ISP Pacenet To Divest 74 Percent Stake To PE Firm Ashmore

Entities Mentioned

• Foreign Investment Promotion Board
• Zee Group
• Ashmore
• YOU Telecom

1. Broadband Pacenet (India), a Mumbai based Internet Service Provider (ISP), is divesting 74 percent stake to UK based Private Equity firm Ashmore Investment Management, reports Indiantelevision. This follows unsuccessful negotiations between the ISP and the Zee Group, which fell through over differences in valuation. After changes in ISP policy, Broadband Pacenet can only divest 74 percent stake, and will be applying for Foreign Investment Promotion Board (FIPB) approval. Ashmore is also picking up 49 percent stake in Pacenet founder Jagjit Kohli's cable TV venture - Digicable Network. Earlier, the Indian government had imposed an annual licence ... (Read Full Article)

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