Sunday 19th, November 2017
canara news

RCOM enters into agreement with Veecon Media to sell Reliance Big TV

Published On : 07 Nov 2017


New Delhi,(IANS) Reliance Communications (RCOM) on Monday entered into a binding Memorandum of Understanding with Veecon Media and Television Limited, for sale of its subsidiary Reliance BIG TV Limited (RBTV), engaged in the business of Direct to Home (DTH) services across India, a company statement said here.

Pursuant to the transaction, the buyer will acquire the entire shareholding of RBTV with business on "as-is where-is" basis, along with all existing trade liabilities and contingent liabilities, the statement said.

The existing DTH licence of BIG TV shall be renewed with the submission of the required bank guarantees with the Ministry of Information and Broadcasting by the buyer.

The transaction ensures that all existing 1.2 million customers of RBTV shall continue to enjoy uninterrupted services. It also ensures the continuity of employment for approximately 500 employees of RBTV.

The transaction will help reduce the liability of unsecured creditors, benefitting all stakeholders including lenders and shareholders of RCOM. The transaction is in consonance with the RCOM's stated objective to focus on B2B businesses of new RCOM, the statement said.

The culmination of the transaction is subject to the requisite approvals from licensors, regulatory authorities and lenders of RCOM.







More News

Corporate hiring to be slow till fiscal-end: Assocham
Corporate hiring to be slow till fiscal-end: Assocham
Sensex zooms 414 points after Moody's ups India rating
Sensex zooms 414 points after Moody's ups India rating
Indian firms fast embracing Microsoft 365 for modern workplaces
Indian firms fast embracing Microsoft 365 for modern workplaces

Write your Comments

Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. canaranews.com will not be responsible for any defamatory message posted under this article.

Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on CANARANEWS to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using canaranews will be purely at your own risk, and in no way will canaranews.com be held responsible.