Reliance Communications said it will sell its DTH arm Reliance BIG TV to Pantel Technologies and Veecon Media & Television, a move aimed at reducing debt.
The company has entered into a binding share purchase agreement with Pantel Technologies Ltd and Veecon Media & Television Ltd for sale of its subsidiary Reliance BIG TV Limited (RBTV), RCom said in a statement without disclosing the deal amount.
"The transaction will help reduce the liability of unsecured creditors, benefiting all stakeholders, including lenders and shareholders of RCOM. The transaction is in consonance with RCOMs stated objective to focus on B2B businesses of the new RCOM," RCom said.
The buyers will acquire the entire shareholding of RBTV with business on an "as-is, where-is" basis, it added.
"The transaction ensures that all 1.2 million customers of BIG TV shall continue to enjoy uninterrupted services. It also ensures continuity of employment for approximately 500 employees of RBTV," it added.
Disclaimer: No Business Standard Journalist was involved in creation of this content
