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To Pantel Technologies and Veecon Media &
Reliance Communications has entered into a binding Share Purchase Agreement with Pantel Technologies and Veecon Media & Television for sale of its subsidiary Reliance BIG TV (RBTV), engaged in the business of Direct-to-Home (DTH) services across India.Pursuant to this transaction, the buyers will acquire the entire shareholding of RBTV with business on an as-is, where-is basis, along with existing trade and contingent liabilities.
The existing DTH license of BIG TV is being renewed, and the required Bank Guarantees have already been submitted to the Ministry of Information and Broadcasting.
The transaction ensures that all 1.2 million customers of BIG TV shall continue to enjoy uninterrupted services. It also ensures continuity of employment for approximately 500 employees of RBTV.
The transaction will help to reduce the liability of unsecured creditors, benefitting all stakeholders, including lenders and shareholders of RCOM. The transaction is in consonance with RCOM's stated objective to focus on B2B businesses of the new RCOM.
The successful culmination of the transaction is subject to requisite approvals from licensors, regulatory authorities (Ministry of Information & Broadcasting) and lenders of RCOM.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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