Reliance Communications Ltd. could acquire privately owned cable television company Digicable in a cashless deal, the Economic Times reported on its website Wednesday, citing an investment banker familiar with the development.
Reliance Communications will spin off its direct-to-home television service Big TV into a special purpose vehicle which will also include Digicable, the website reported the banker as saying.
Reliance Communications will own a 60% stake in the special purpose vehicle, with private equity fund Ashmore, Digicable Managing Director and Chief Executive Jagjit Singh Kohli, and joint Digicable Managing Director Yogesh Shah taking the rest, the banker said, the website reported.
Source: Total Tele