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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)

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Cabinet Approves MoU between India and Switzerland on Technical Cooperations in Field of Climate Change

Any effort at thwarting environmental degradation would lead to environmental equity in the sense of availability of sound environmental resources

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Cabinet, MoU, India
The Cabinet said that environmental degradation afftects the socially and economically disadvantaged more heavily than the better of sections of the society. Pixabay

Concerned over environmental degradation, the Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday gave its ex-post facto approval to the Memorandum of Understanding (MoU) between India and Switzerland on technical cooperations in the field of climate change.

The MoU was signed in Switzerland on September 13.

The Cabinet said that environmental degradation afftects the socially and economically disadvantaged more heavily than the better of sections of the society.

“Any effort at thwarting environmental degradation would lead to environmental equity in the sense of availability of sound environmental resources to all sections of the society,” it said.

Cabinet, MoU, India
The MoU was signed in Switzerland on September 13. Pixabay

The MoU will enable the establishment and promotion of closer and long-term cooperation between India and Switzerland in the field of environmental protection and management of natural resources on the basis of equity, reciprocity and mutual benefits, taking into account the applicable laws and legal provisions in each country.

It will enhance public accountability by way of exchange of information and technology between the two countries.

Further, it is expected to bring in the latest technologies and best practices suited for bringing about better environment protection, conservation, management of climate change and wildlife protection and conservation.

Also Read- New Device Can Detect Unattended Kids Or Animals

India and Switzerland have agreed upon on technical cooperation for capacity building on climate change and sustainable water management, forest management, development of mountainous regions and environmentally sustainable and resilient urban development. (IANS)