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HindustanTimes Fri,18 Apr 2014

RCom confirms talks with Batelco for stake sale

PTI  New Delhi, March 15, 2013
First Published: 15:33 IST(15/3/2013) | Last Updated: 15:45 IST(15/3/2013)

Reliance Communications said on Friday that it is in talks with Bahrain Telecommunication Company (Batelco) for stake sale in its unit Reliance Globalcom, the company's global communications services business unit.



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"The company notes recent reports in the press and confirms that it is in discussions with Batelco Group with respect to Reliance Globalcom, the company's global communications services business unit," Reliance Communications said in a filing to the BSE.

At this point, there can be no certainty that this will lead to a transaction, it said, adding that a further announcement will be made in due course if appropriate.

As per the company website, Reliance Globalcom owns undersea cable systems spanning 65,000km, which connect 40 business markets in India, Middle East, Asia, Europe, and the US.

The company serves over 2100 enterprises, 200 carriers and 2.5 million retail customers in 163 countries across 6 continents, it said.

The company scrip was trading 1.10% lower at Rs. 67.40 in late morning trade on the BSE.

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