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

Share

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.

Share

Advertisement

Related Posts

Johnson to call Iran after reports comments could harm Zaghari-Ratcliffe case
Boris Johnson has falsely claimed a British-Iranian mother being held in Iran jail was in the country training journalists. Ms Zaghari-Ratcliffe was initially jailed for five years based on secret charges after she was arrested at Tehran airport.

First Trust Advisors LP Sells 38795 Shares of Steel Dynamics, Inc. (STLD)
Paradigm Asset Mgmt Com Limited Liability Company holds 0% or 4,200 shares in its portfolio. (NASDAQ:STLD) for 164,014 shares. In the most updated research from a number of analysts on Wall Street, the company gets 9 Buys and 0 Sell among 13 analysts.

Northern Trust Corp Grows Holdings in Pembina Pipeline Corp
The stock of KB Home (NYSE:KBH) hit a new 52-week high and has $28.78 target or 4.00% above today's $27.67 share price. Pembina Pipeline Corporation provides transportation and midstream services for the energy industry in North America.

Irish PM says Apple data centre project remains uncertain
As revealed by Independent.ie, a serious question mark now hangs over the €850m investment planned for the Galway town. However, speaking later to RTE, he said: "We didn't get a start date, or a definite commitment or anything like that".

Research Ratings: Syros Pharmaceuticals, Inc. (SYRS), Alexion Pharmaceuticals, Inc. (ALXN)
Since June 14, 2017, it had 4 insider buys, and 1 sale for $235.75 million activity. 660,779 shares were bought by BAKER BROS. Narrowing in a bit closer, the 5 month price index is 1.3154, the 3 month is 0.9321, and the 1 month is now 0.92974.

Police officer stabbed in back at college in Edinburgh
Police had been called to reports of a man threatening to harm himself and others shortly after 9am. He was taken to Edinburgh Royal infirmary for treatment to injuries which are not life-threatening.

What Are Analysts Suggestions On Apple Inc. (AAPL)
On Friday, October 27 the stock rating was maintained by Drexel Hamilton with "Buy". (NASDAQ:AAPL) rating on Wednesday, July 22. Mitchell Mcleod Pugh Williams holds 5.32% of its portfolio in Apple Inc. (NASDAQ:AAPL) for 43,730 shares.

Fifty Shades Freed Gets A New Movie Trailer and It's Sexy AF
The official movie full trailer for " Fifty Shades Freed " is out now and it's streamy and hilarious AF. Fifty Shades Freed marks the third and final film in the Fifty Shades franchise, which is based on E.

(LYV) and Fitbit, Inc. (FIT)?
BidaskClub raised Live Nation Entertainment from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 16th. Shellback Capital Lp increased Vail Resorts Inc (NYSE:MTN) stake by 75,000 shares to 149,996 valued at $30.42M in 2017Q2.

GP app could put unnecessary pressure on doctors
The NHS's new GP app has today come under criticism from the Royal College of Global Positioning System . However, NHS bosses have signed off the scheme, saying that "one size does not fit all" for GP care.

© 2015 ExpressNewsline. All Rights reserved.