Just In
- 2 hrs ago Dell Introduces AI-Powered Laptops and Mobile Workstations for Enterprises in India
- 4 hrs ago Meta AI Powered by Llama 3 Takes Aim at ChatGPT and Gemini: All You Need to Know!
- 4 hrs ago OnePlus Ace 3 Pro Leak Hints at New Design; Expected Launch, Specifications We Know So Far
- 5 hrs ago Vivo V30e Launch Date in India set for May 2: Flipkart Availability Confirmed
Don't Miss
- Movies Vicky Thakur Criticizes AP Dhillon for Disrespecting Musical Instrument on Stage
- Finance 8 Tata Group Stocks To Buy That Will Pay Dividends Soon, Q4 In Focus; Are You Invested?
- Sports Australia Women Cricketer Ashleigh Gardner gets engaged to partner Monica Wright
- News Iran Embassy In Paris Cordoned Off Following Reports Of Suspect With Explosives
- Automobiles Suzuki Swift Hatchback Scores 4 Star Safety Rating At JNCAP – ADAS, New Engine & More
- Education NLSIU Announces the Rajiv K. Luthra Foundation Grant
- Lifestyle Summer Fashion: Your Bollywood Style White Outfits Guide To Keep It Cool And Chic
- Travel Journey From Delhi To Ooty: Top Transport Options And Attractions
RCom to sell DTH unit to Veecon Media
The successful culmination of the transaction is subject to the requisite approvals from licensors, regulatory authorities, and lenders of RCOM.
Anil Ambani owned Reliance Communication has entered into 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.
Under the transaction, all the 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.
"Pursuant to the transaction, Veecon Media will acquire the entire shareholding of RBTV with business on "as-is where-is" basis, along with all existing trade liabilities and contingent liabilities," RCom said.
However, the successful culmination of the transaction is subject to the requisite approvals from licensors, regulatory authorities, and lenders of RCOM.
The existing DTH license of BIG TV shall be renewed with the submission of the required Bank Guarantees with the Ministry of Information and Broadcasting by the buyer, RCOM further said.
The transaction will help reduce the liability of unsecured creditors, benefitting all stakeholders including lenders and shareholders of RCOM, the company added.
The transaction is in consonance with the RCOM's stated objective to focus on B2B businesses of New RCOM.
To recall, this year in October RCom has decided to shut down its DTH arm business Reliance Digital TV with effect from November 18.
The reason behind the decision is the expiry of its DTH license, and the company is not looking to renew it, " RCOM said.
Reliance Digital TV informs its customers that due to the expiry of our license we will be shutting down our DTH services across India wef 18 November. Customers are advised to make alternative arrangements to keep watching their favorite TV channels. We regret the inconvenience caused," Reliance Big TV said in a notice.
-
99,999
-
1,29,999
-
69,999
-
41,999
-
64,999
-
99,999
-
29,999
-
63,999
-
39,999
-
1,56,900
-
79,900
-
1,39,900
-
1,29,900
-
65,900
-
1,56,900
-
1,30,990
-
76,990
-
16,499
-
30,700
-
12,999
-
62,425
-
1,15,909
-
93,635
-
75,804
-
9,999
-
11,999
-
3,999
-
2,500
-
3,599
-
8,893