Mumbai: Reliance Communications Ltd (R-Com) is selling its direct to home (DTH) business to Veecon Media and Television Ltd. The Anil D. Ambani company on Monday said it had entered into a binding memorandum of understanding with Veecon Media to sell Reliance BIG TV Ltd (RBTV), engaged in DTH services across India. Veecon will acquire the entire shareholding of RBTV with business on "as-is where-is" basis, along with all the existing trade liabilities and contingent liabilities. Sources said the debt of over Rs 500 crore will go out of the books of R-Com. A press statement from R-Com said the existing DTH licence of BIG TV will be renewed with the submission of the required bank guarantees with the ministry of information and broadcasting by the buyer.

Source: The Telegraph November 06, 2017 20:15 UTC