RCOM signs MoU with Veecon Media for sale of Reliance BIG TV

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As per direction issued by telecom regulator Telecom Regulatory Authority of India (TRAI) today, the loss-making company has asked its customers to move to other networks by the end of the year.

Room said the transaction would ensure uninterrupted service for the 1.2 million customers of RBTV while assuring continuity of employment for approximately 500 employees of RBTV.

Trai said RCom has provided all the vital information regarding the closing of voice calls along with alternatives to port out any services if subscribers do not wish to proceed with 4G data service of the organisation.

Reliance Digital TV, the fully-owned subsidiary of Reliance Communications that. With this, the firm will provide 4G services in Delhi, Rajasthan, UP West, Tamil Nadu, Kerala, Karnataka, West Bengal, Gujarat and Kolkata service areas.

Shares of Reliance Communications (RCom) dropped to their all-time low on Monday after asset management company Brookfield Infrastructure called off its $200 mn deal with Reliance Communications on Saturday.

In a regulatory filing, RCom said the company is under "standstill period till December 2018" pursuant to the strategic debt restructuring (SDR) guidelines. RCom had forecast that the Aircel merger and resulting Brookfield agreement would allow it to reduce its US$69.7M debt by 60%.

Accordingly, Trai has directed RCom to not dismiss any port-out demand of its supporters and requested that all telecom services acknowledge demand of RCom endorsers till 31 December 2017.

RCom, which owes over Rs45,000 crore to a group of lenders, has proposed that the joint lenders forum (JLF) convert Rs7,000 crore of debt into equity; raise Rs17,000 crore through sale of assets such as telecom towers and spectrum and another Rs10,000 crore via sale of real estate.

RCom and Aircel in September previous year had signed a binding agreement to merge their mobile businesses. Yet, RCom said the understanding slipped by attributable to valid and service vulnerabilities, complaints by interested parties and delays in getting relevant approvals.

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