Tuesday, 28 November 2017

Reliance Big TV Sold Out to Pantel Tech, Veecon Media: Customers Need Not to Migrate

RCom will sell DTH arm BIG TV to Pantel Tech, Veecon Media. Reliance Communications has a "binding share purchase agreement" with Pantel Technologies and Veecon Media & Television for the sale of its Reliance BIG TV DTH arm for an undisclosed amount.

The measure aims to reduce debt and benefit all interested parties, including lenders and shareholders, of RCom, the company said in a statement.

"The transaction will help reduce the liability of unsecured creditors, benefiting all interested parties, including RCom lenders and shareholders, and the transaction is in line with the stated objective of focusing on B2B companies in the new RCom," he added.

Buyers will acquire the entire shareholding of Reliance BIG TV (RBTV) with businesses "in the state in which it is located", he indicated below.

Reliance Big TV Sold Out to Pantel Tech, Veecon Media: Customers of reliance dth, reliance digital tv Need Not to Migrate. They will get uninterrupted TV service
Reliance Big TV Sold Out to Pantel Tech

"The transaction ensures that all 1.2 million BIG TV customers will continue to enjoy uninterrupted services, and also ensures the continuity of employment for approximately 500 RBTV employees," the company added.

The DIG license of BIG TV is being renewed and buyers have already sent the required bank guarantees to the Ministry of Information and Broadcasting.

Pantel Technologies is a communications device and information technology hardware company and sells Penta T-Pad Tablet PC. In early June 2017, Pantel Technologies acquired Den-Snapdeal TV-Shop Shopping Channel.

There are reports that the China Development Bank has filed an insolvency case against RCom before the National Law Law Tribunal. However, the company denied the same today.

"The company did not receive any notification about the application submitted by the China Development Bank with NCLT, as reported in the media," RCom said in a clarification on BSE.

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