Reliance Globalcom is the latest subsidiary of Reliance Communications (RCom) that looks set for a fresh equity injection.
RCom is attempting to reduce its debt pile which currently stands at over US$6bn and is said to be in advanced talks to spin-off…
Reliance Globalcom is the latest subsidiary of Reliance Communications (RCom) that looks set for a fresh equity injection.
RCom is attempting to reduce its debt pile which currently stands at over US$6bn and is said to be in advanced talks to spin-off and sell a stake in its towers division Reliance Infratel. Now it appears that RCom is willing to sell a stake of around 26% in Reliance Globalcom, its global telecoms division, in an attempt to raise around US$500m.
The sale of around 50% of Reliance Infratel could earn Reliance around US$3bn and if it could add to that the sale of a stake in Globalcom, which also encompasses Reliance’s sub-sea cable assets, then it may negate the need to sell a 26% stake in the overall business, which was widely thought to be on the cards last week.