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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.

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)

Next Story

Pakistan, Saudi Arabia Likely To Sign MoUs Worth More Than $10bn

He said that four Malaysian firms were also due this month and would invest in four sectors - halal meat, gemstone, information technology and hi-tech education

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Imran Khan, taliban
Pakistan Decides To Shelve Major CPEC Power Project. VOA

Pakistan and Saudi Arabia are likely to sign memoranda of understanding (MoU) worth more than $10 billion this month, the media reported on Thursday.

The announcement was made at the second meeting on ease of doing business (EoDB) presided over by Prime Minister Imran Khan on Wednesday.

Speaking to Dawn news after the meeting, Finance Minister Asad Umar said Saudi Prince Mohammad bin Salman bin Abdulaziz would visit Pakistan next month and most of the MoUs were expected to be signed during his trip.

Board of Investment (BoI) Chairman Haroon Sharif said Saudi Arabia was interested in Pakistan’s four sectors – oil refinery, petrochemicals, renewable energy and mining.

“According to a survey, 65 per cent of the investments will take place in the country’s commercial hub Karachi and 35 per cent in Lahore,” he added.

india
Imran Khan, wikimedia commons

The $10 billion investment will be in addition to the $6 billion bailout package given by Riyadh to Islamabad during Khan’s visit to Saudi Arabia in October 2018.

Similarly, Pakistan will also sign MoUs with China, the United Arab Emirates (UAE) and Malaysia over the next two months.

Sharif told Dawn that he had recently visited China and signed MoUs on industrial cooperation under the China-Pakistan Economic Corridor (CEPC).

Also Read- Why Modi in Hurry to Get New CBI Director, Asks Congress

The BoI chief said the UAE was interested in agriculture, housing and other sectors.

He said that four Malaysian firms were also due this month and would invest in four sectors – halal meat, gemstone, information technology and hi-tech education. (IANS)