The chairman of Reliance Communications (RCom) has confirmed that the Indian telecoms giant is in talks to sell a stake in its enterprise unit Reliance Globalcom.
Anil Ambani made the comments at the company’s AGM but declined to name any potential…
The chairman of Reliance Communications (RCom) has confirmed that the Indian telecoms giant is in talks to sell a stake in its enterprise unit Reliance Globalcom.
Anil Ambani made the comments at the company’s AGM but declined to name any potential suitors, local reports said.
In April RCom said it was in exclusive talks with a consortium of private equity funds led by investment firm Samena Capital about the sale of a stake in Globalcom. The parties had said talks should be concluded by late May, but that they could last longer.
Earlier in April rumours emerged that RCom was looking to sell 80% of Globalcom to Batelco for Rs60bn (US$1.1bn), but the companies said discussions fell apart.
RCom is trying to pare its Rs374bn (US$6.8bn) debt pile and selling either part or all of Globalcom would be done with this in mind.
Globalcom says that it serves 2100 businesses, 200 carriers and two and a half million retail customers across 163 countries. It owns a 65,000km undersea cable system – which it describes as the world’s largest – and more than 190,000km of fibre-optic cabling on land.
