MUMBAI: Billionaire industrialist Rajan Raheja has resigned as non-executive director of Hathway Cable and Datacom Ltd on 30 January. A pioneer in the Indian cable TV industry, he has been widely credited for Hathway’s expansion.

The resignation came in accordance with the agreement between Hathway and Jio Content Distribution Holdings Private Ltd, Jio Internet Distribution Holdings Private Ltd, Jio Cable and Broadband Holdings Private Ltd and the existing promoters of the company.

Last October, Mukesh Ambani’s Reliance Industries Ltd (RIL) acquired majority stake in two leading cable TV broadband companies - Hathway Cable and Datacom and Den Networks. “We are glad to join hands with Rajan Raheja (Hathway promoter) and Sameer Manchanda (DEN), two of the pioneers in MSO industry,” Ambani said in a statement after the acquisition.

After Jio launched its flagship fibre-to-home service Jio GigaFiber, the company asserted that it is open to work with local cable operators. Many experts looked at it optimistically terming the deal “win-win” situation for all the parties.