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BUZZ-India's RCom rises on deal to sell DTH business
November 7, 2017 / 4:07 AM / 15 days ago

BUZZ-India's RCom rises on deal to sell DTH business

** Telecom operator Reliance Communications Ltd rises as much as 3.2 pct to 16.35 rupees

** Rcom has signed an agreement with Veecon Media & Television to sell its Direct-to-Home business in order to reduce debt

** Veecon will buy 100 percent equity stake in Reliance Big TV Ltd; about 500 employees of the DTH unit will be retained

** Transaction value of the deal has not been disclosed

** “Believe a complete exit by Big TV would still have been ideal for the incumbents, as it would likely have led to further industry consolidation and, hence, to a boost (albeit minor) to their bargaining power,” Macquarie analysts wrote in a note

** Stock has lost 53.5 pct this year as of Monday’s close

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