Client Situation

  • Leading global investment bank with a PE arm looking to expand its presence in India
  • Actively looking for targets in cable/broadband space post regulatory changes rapid digitization
  • Cedar was mandated to conduct commercial due diligence with a specific focus on growth of cable broadband in India
  • The Identified target had a large footprint reaching ~11 Mn households across 20 cities & 13 states

Cedar’s Approach

  • Detailed assessment of cable broadband industry from a demand, market, & technology standpoint
  • Competitive analysis of top players within the cable broadband segment
  • Long term sustainability of cable broadband & the impact of emerging technologies such as 4G & LTE
  • Detailed target assessment with a focus on current business model & long term market potential
  • Recommended an operating model & way forward strategy with immediate & long term projections


  • Investment of $110Mn was made giving it a significant equity position
  • Substantial rise of target’s share price & market cap then operating at a 52 week high
  • Renewed segment focus via the induction of a cable broadband segment head
  • Technology infrastructure upgrade from a DOCSIS 2.0 to 3.0
  • Significant Increase in target’s footprint to 13 Mn households & 6Mn digital subscribers

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