R-Digital close to selling 80 percent stake to Sun TV
By Surajeet Das Gupta & T E Narasimhan, Business Standard, New Delhi/ Chennai,
July 03, 2013
For Rs 2,500 crore; agreement being prepared, to be signed within days.
Reliance Digital TV, the fully-owned subsidiary of Reliance Communications that runs its direct-to-home (DTH) operations, is close to selling over 80 per cent stake to Sun TV, controlled by Kalanithi Maran, in a deal valued at around Rs 2,500 crore.
Under the agreement, which is being prepared to be signed within a few days, Reliance will get a one-time cash payment in return for infrastructure and assets of Reliance DTH, while Sun TV will get full management control over the company. The due diligence for the deal has already been completed.
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