MUMBAI: Reliance Communications Ltd (RCom) has entered into a binding share purchase agreement with Pantel Technologies Pvt Ltd and Veecon Media & Television Ltd for the sale of Reliance Big TV Ltd (RBTV).

According to the terms of the agreement, the buyers will acquire the entire shareholding of RBTV, engaged in the business of direct-to-home (DTH) services across India, on an “as-is, where-is” basis along with existing trade and contingent liabilities.

The existing DTH license of Big TV is being renewed and the required bank guarantees have already been submitted to the Ministry of Information and Broadcasting (MIB).

The transaction ensures that all 1.2 million customers of BIG TV will continue to enjoy uninterrupted services. It also ensures continuity of employment for approximately 500 employees of RBTV.

The transaction will help to reduce the liability of unsecured creditors, benefitting all stakeholders, including lenders and shareholders of RCom. The successful culmination of the transaction is subject to requisite approvals from licensors, regulatory authorities, and lenders of RCom.

Pantel Technologies is an information technology and communication devices company, selling tablet PCs under the Penta T-Pad brand in the Indian, Southeast Asian, GCC, and African markets.