MUMBAI/BANGALORE: US private equity giant Providence is buying a minority stake in Rajan Raheja’s Asianet Satellite Communications, Kerala’s largest cable operator, as rising growth and expanding reach make cable firms a valuable property.
A source close to the negotiations said Providence is likely to pay Rs 300 crore for the stake. An official at the Thiruvananthapuram-based Asianet said preliminary talks are going on, but declined to give details.