Goldman Sachs has invested $110 million into Indian cable TV distributor DEN Networks to fund the business' growth plan, according to a statement from the portfolio company. The investment remains subject to regulatory and customary approvals.
DEN provides cable television to about 11 million households across more than 150 cities in India, according to the statement. The company also has a 50-50 joint venture with the Star TV Group called Star DEN which was formed in 2008.
“We are delighted to partner with a very reputable and highly experienced entrepreneur at DEN Networks. We believe the cable industry in India is at an important inflection point and look forward to working closely with the management team to build the preeminent cable and broadband business in India,” Ankur Sahu, co-head of private equity in Asia at Goldman Sachs, said in the statement.
Goldman has previously made a number of investments in cable and broadband-related companies globally, including Cequel and Marcus Cable in the US, e-Access in Japan, and C&M in Korea, according to the firm.
Goldman Sachs is a global investment bank with about $923 billion in assets under management, according to Private Equity International’s Research & Analytics division. As of 31 December 2011, the value of their private equity investments was $8.07 billion.