
Reliance Com in talks to sell fibre optics unit to PE consortium
India's Reliance Communications is in talks with Samena Capital, and other global private equity funds, to sell a stake in Reliance Globalcom, its global communication services business.
In a filing, the company said that the PE consortium was at an advanced stage with due diligence and that a deal is anticipated by the end of May this year.
Globalcom has a fibre-optic telecommunications network which connects locations throughout Asia, India, Europe, the Middle East and USA. It provides enterprise and retail services, comprising of voice and internet solutions. Its major assets include FLAG Atlantic, FLAG North Asia Loop, FLAG Europe Asia and FALCON submarine cable systems.
Reliance Communications is India's third-biggest telecoms company with a debt burden of INR373 billion ($6.9 billion) as of December 31, 2012.
RCom was previously in talks with Bahrain Telecommunications for the sale but the deal was called off.
Hong Kong-based Samena Capital's investors include: Sheikh Nawaf Nasser Bin Khalid Al Thani, chairman and CEO of Qatar's NBK Holding of Qatar; V-Nee Yeh, founder of Value Partners and chairman of Samena Capital and Atul Punj of India's Punj Lloyd.
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