RCOM close to clinching Rs 250 cr contract from African bank | business | Hindustan Times
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RCOM close to clinching Rs 250 cr contract from African bank

Anil Ambani group firm RCOM is at an advanced stage of talks with an African Bank for clinching an estimated Rs 250 crore contract for managing its ethernet -- an internal communication technology -- for five years.

business Updated: Jun 23, 2010 23:21 IST

Anil Ambani group firm RCOM is at an advanced stage of talks with an African Bank for clinching an estimated Rs 250 crore contract for managing its ethernet -- an internal communication technology -- for five years.

An announcement of the deal with Africa's Attijariwafa Bank for managing its ethernet services (data services for corporates) and managed VoIP applications across France, Germany, UK, Italy, Spain, Belgium, Netherlands, Morocco, UAE and Saudi Arabia is expected soon.

When contacted, an RCOM spokesperson declined to comment.

Attijariwafa Bank has more than 850 branches in Africa and is expanding its presence in European and Middle East nations.

The deal would be signed through RCOM's global subsidiary, Reliance Globalcom, which operates an undersea optical fibre network and networking solutions business.

According to industry sources, RCOM is evaluating options for selling up to a 26 per cent stake in Reliance Globalcom, which could translate into a cash inflow of Rs 2,200 crore.