Reliance Communications sells off DTH business

The transaction will help reduce the liability of unsecured creditors, benefitting all stakeholders

Reliance Communications (RCom) has signed a memorandum of understanding with Veecon Media and Television Limited for the sale of its subsidiary Reliance BIG TV Limited, which is engaged in direct to home (DTH) services across India. Veecon will acquire the entire shareholding of Reliance Big TV on an ‘as-is where-is’ basis, along with all existing trade liabilities and contingent liabilities. The transaction is in consonance with RCom’s stated objective to focus on core businesses.

In November 2016, the Reliance Anil Dhirubhai Ambani Group sold off its broadcast business under Reliance Broadcast Network Limited for the same reason.

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