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RComm OKs proposal to acquire Digicable

Reliance Communications, said on Thursday it has approved a proposal to acquire unlisted cable television services provider Digicable in an all-stock deal, to create Asia's largest triple play --digital TV, broadband and voice services--provider.

business Updated: Jul 01, 2010 20:05 IST

Reuters
Hindustantimes
         

Reliance Communications, said on Thursday it has approved a proposal to acquire unlisted cable television services provider Digicable in an all-stock deal, to create Asia's largest triple play --digital TV, broadband and voice services--provider.

Financial terms of the deal were not disclosed.

Reliance Communications will merge its direct-to-home services, internet protocol television services and retail broadband services with Digicable, the company said in a statement.

The new entity, Reliance DigiCom, would be the world's fifth largest triple play provider, starting with a subscriber base of 11 million homes, it said.

The acquisition is subject to "definitive documentation" and necessary approvals, Reliance Comm said.

Debt-laden Reliance Communications is controlled by billionaire Anil Ambani.

On Sunday, Reliance Comm agreed to merge its telecoms communication towers business with that of GTL Infrastructure Ltd to create what it said would be the world's largest independent telecoms infrastructure firm.

Shares of Reliance Comm, worth $8.8 billion, ended lower on Thursday at 192.30 rupees a share, down 3 percent, while the main index fell 1.1 per cent, prior to the announcement.

($1=46.6 Indian rupees)

First Published: Jul 01, 2010 20:04 IST