India’s RCom to exit DTH after merging subsidiary with Sun Direct
According to the Business Standard, Reliance Digital TV, the fully-owned subsidiary of Reliance Communications that runs its direct-to-home (DTH) operations, will merge with Sun Direct. The deal is set to help RCom reduce debt, and for Sun to gain subscribers in new markets.
Under the deal, to be announced in a few days, Reliance Communications (RCom) will have 26 percent stake in the merged entity, the report added. The merged company will also take over about Rs 1,500 crore of debt from Reliance’s DTH operations. As of June 30, RCom’s total debt stood at Rs 38,400 crore, according to the report.
As part of the deal, Sun Direct will later go for an initial public offering. Reliance will then exit the merged company.
The deal will help the Anil Ambani-led Reliance Group reduce RCom’s debt by Rs 3,000 crore. After the deal, management control will shift to the Marans, who own Sun Group, according to the Business Standard, which reported that Reliance DTH has a gross subscriber base of 4.1 million. It runs 260 channels on high-density format. Sun Direct has a subscriber base of about 8.5 million.
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