Providence Equity Partners ups stake in India’s Hathway

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india2_lrgPrivate equity firm Providence Equity Partners has invested a further INR1.1bn ($18.4m) into Hathway Cable & Datacom to increase its stake in the cable operator.

A further INR400m will be invested by promoter Raheja Group.

As a result of the deal Providence will increase its shareholding in the company by 2.6 per cent to 12.5 per cent, while Raheja will hold more than 50 per cent.

The company’s other backers include Norwegian sovereign wealth fund Government Pension Fund Global and Indian infrastructure investor KAUP Capital.

Providence and Macquarie Bank bought a 17.3 per cent interest in Hathway from News Corp for INR3.6bn last year.

Last week Providence hit the $5bn target for its latest private equity fund, falling short of the initial goal of $8bn.

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