Veecon Media acquires Reliance Big TV
NEW DELHI: Delhi-based Veecon Media and Television Ltd (Veecon Media) has bought out Reliance Communications Ltd’s (RCom’s) entire stake in its subsidiary Reliance Big TV Ltd (RBTV). According to a release on the BSE website, RCom has entered into a binding memorandum of understanding with Veecon Media to sell RBTV, which provides direct-to-home (DTH) services called Big TV, across India.
As per the terms of the transaction, the buyer will acquire the entire shareholding of RBTV on an ‘as-is where-is’ basis along with all existing trade and contingent liabilities. Veecon Media has the following professionals listed as directors of the company: Jaswant Kumar Srivastava, Lalit Kumar Srivastava, and Rohit Roha. It operates spiritual channel Kaatyayani TV and a 24-hour news network.
Big TV’s existing DTH license will be renewed with the submission of the required bank guarantees with the ministry of information and broadcasting by Veecon Media.
The acquisition ensures that RBTV’s 1.2 million customers continue to receive services uninterrupted and the continuity of employment for the company’s 500 employees.
The transaction will help reduce the liability of unsecured creditors, benefitting all stakeholders, including lenders and shareholders of RCom.
The exit from the DTH business is in consonance with the RCom’s stated objective to focus on B2B businesses.
