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Reliance Communications (RCOM) forms Agreement with Veecon Media, Sells Reliance Big TV

Reliance Communications formed a MOU with Veecon Media and Television Ltd to sell off its subsidiary Reliance BIG TV Ltd (RBTV) and its entire shareholdings

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Reliance Communications
Reliance Communications sold off its subsidiary RBTV to Veecon Media. Wikimedia.
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New Delhi, Nov 6: 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.

Reliance Communications
Reliance Communications (RCOM) forms Agreement with Veecon Media. IANS.

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 Reliance Communications. The transaction is in consonance with the Reliance Communication’s stated objective to focus on B2B businesses of new Reliance Communications, the statement said.

The culmination of the transaction is subject to the requisite approvals from licensors, regulatory authorities and lenders of Reliance Communications. (IANS)

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Assam Government signs a MoU with Google India to expand Internet Connectivity

It will provide Internet connections to 26,000 villages and 1,500 tea garden areas in Assam

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Assam Government has signed MoU with Google India to expand Internet Connectivity
Assam Government has signed MoU with Google India to expand Internet Connectivity. Pixabay

Guwahati, Assam, September 8, 2017: The Assam government on Thursday signed a MoU with Google India to take Internet connectivity to the remotest part of the north-eastern state.

Chief Minister Sarbananda Sonowal said the government would work to provide Internet connections to 26,000 villages and 1,500 tea garden areas in Assam under the MoU and thus increase digital literacy.

Information Technology Secretary Nitin Khare and Google India Country Head (Policy) Chetan Krishnaswami signed the Memorandum of Understanding in the presence of Sonowal.

“Technology rules the roost in the 21st century and the state government has upped the ante to use technology to carry forward the fruits of development to the remotest parts of Assam,” the Chief Minister said.

He said the ties with Google was a way forward to strongly pitch Guwahati as a natural gateway to the South-East Asian countries.

Sonowal said his government in sync with the Centre was working for the success of Startup initiative but the success of such programmes sans technology would be a distant dream.

“The MoU will be used as a launchpad to achieve the state government’s vision of women empowerment, skill development, and universal education,” he said.

The Chief Minister asked the Information Technology Department to take steps to make technology acceptable and favourable among the rural populace so as to catalyse rural development. (IANS)