Rcom signed an agreement to sell its DTH business to reduce debt

Vastavam web: Telecom operator Reliance Communications Ltd (RCom) said on Monday it signed an agreement to sell its non-core Direct-to-Home business, in a bid to reduce debt load.The existing DTH license of BIG TV will be renewed and about 500 employees of RBTV will be retained, RCom said in a stock exchange filing.
The deal will help reduce the liability of unsecured creditors, the debt-laden company added.Last month, RCom reached a new debt repayment plan with lenders, including a pledge to raise up to 170 billion rupees ($2.63 billion) by selling assets.