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Anil Ambani- led Reliance Communications Limited (RCom) has entered into a binding Share Purchase Agreement with Pantel Technologies Pvt Ltd and Veecon Media & Television Limited for sale of its subsidiary Reliance BIG TV Limited (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," said RCom in a media statement.
On this occasion, Vijender Singh, Chairman & Managing Director, Pantel Technologies Pvt Ltd, said: "Pantel Technologies is a young Information Technology and Communication devices company, selling innovative Tablet PC(s) under the brand name of Penta T-Pad(s) in the Indian, South-East Asian, GCC and African markets. Pantel Technologies has collaborated with Mauritius Telecom-the telecom service provider of Mauritius-bringing digital computing solutions to the Mauritian and African markets at affordable prices."
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 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.