Reliance Communications (RCOM) has started discussions with the US-based leading private equity firm Providence Equity Partners, for selling majority stake in Reliance Globalcom, its international undersea cable subsidiary.
On Saturday, RCOM had informed the stock exchanges: "Samena Capital, in a proposed Consortium with certain other global PE funds, is at an advanced stage of the process of due diligence and completion of definitive documents in relation to the acquisition of Reliance Globalcom Ltd. The intended time line for completion is end of May 2013."
RCOM may raise to the tune of $1.2 by selling about 80% equity in the company. Samena capital and Providence held discussions in London over the weekend about this issue, say sources.
RCOM recently announced an agreement for leasing of its optical fibre cable (OFC) network to Mukesh Ambani-led Reliance Jio Infocomm (RJI).