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Reliance Communications (RCom), has signed a MoU for selling its DTH business to Veecon Media and Television to lower its debt.
According to the company, “RCom today entered into a binding memorandum of understanding (MoU) with Veecon Media and Television Ltd, for sale of its subsidiary Reliance BIG TV Ltd, engaged in the business of direct-to-home (DTH) services across India.”
Further it stated that, Veecon will “acquire the entire shareholding of RBTV with business on ‘as-is where-is’ basis, along with all existing trade liabilities and contingent liabilities.”
Moreover, under the agreement Veecon will be retaining 500 employees of RBTV. However, the value of the deal was not disclosed by RCom.
