Reliance Communications (RCom) said it has entered into a binding share purchase agreement with Pantel Technologies and Veecon Media & Television for sale of its subsidiary Reliance BIG TV (RBTV), engaged in the business of direct-to-home (DTH) services across India.
Pursuant to this transaction, the buyers will acquire the entire shareholding of RBTV with business on an "as-in, where is" basis, along with existing trade and contingent liabilities. The transaction will help to reduce the liability of unsecured creditors, benefitting all stakeholders, including lenders and shareholders of RCom. The transaction is in consonance with RCom's stated objective to focus on B2B businesses of the new RCom, the company said in a statement. The announcement was made after market hours yesterday, 27 November 2017.
Separately, RCom issued a clarification to the stock exchanges after market hours yesterday, 27 November 2017, with regard to media news titled "China development bank files insolvency case against Reliance communications". RCom said that the company has not been served any notice of the application filed by China Development Bank with NCLT, as reported in the media.
RCom is engaged through the joint lenders forum (JLF) with all its lenders for a successful resolution of the strategic debt restructuring (SDR) process. The China Development Bank has also been actively participating in the JLF. RCom said it is therefore, surprised by the untimely and premature action of the China Development Bank of filing an application at NCLT. RCom added that it continues to remain engaged with all lenders including the China Development Bank and is confident and committed to a full resolution with the support of all the lenders.
Tata Power Company announced that its wholly-owned subsidiary, Tata Power Solar Systems commissioned a rooftop project in India - a solar carport on the rooftop of the sprawling 70,000 square meter Unity One mall, a Unity Group endeavor in Rohini. The unique rooftop carport is estimated to set off 438 Tons of carbon emission annually. Tata Power Solar won the bid in the open tender process fielded by Delhi Metro Rail Corporation (DMRC) for multi-level car parking. The announcement was made after market hours yesterday, 27 November 2017.
Infosys announced a partnership with Hewlett Packard Enterprise (HPE) to offer a joint end-to-end mainframe modernization solution, which will provide global enterprise customers robust hardware and advanced software architecture. The announcement was made after market hours yesterday, 27 November 2017.
Separately, Infosys announced a multi-year partnership with the State of Rhode Island to establish an Infosys Design and Innovation hub. Infosys will also hire 500 American workers in Rhode Island over the next five years. The announcement was made after market hours yesterday, 27 November 2017.
IDBI Bank said that its board of directors at a meeting held on 27 November 2017, granted in-principle approval to divest 74.15 lakh equity shares (1.5 percent) of National Stock Exchange of India held by IDBI Bank. The announcement was made after market hours yesterday, 27 November 2017. – Business Standard