RCom in talks to sell stake in Globalcom
After Reliance Infratel, Anil Dhirubhai Ambani Group’s flagship company Reliance Communications is looking to sell a minority stake in Reliance Globalcom, which runs its global business including undersea cable. HT Correspondent reports.business Updated: Jun 18, 2010 00:11 IST
Anil Dhirubhai Ambani Group’s (ADAG) flagship company Reliance Communications (R Com) is evidently trying to unlock value for its subsidiaries.
After Reliance Infratel, the company is looking to sell a minority stake in Reliance Globalcom, which runs its global business including undersea cable.
Sources said the company is looking at selling 24 to 26 per cent equity stake for about $500 million (Rs 2,335 crore).
Reliance Globalcom came into existence in January, 2004, when RCom bought Flag Telecom for $211 million. Flag had built a network of 65,000 kms of undersea cables.
The company is currently under huge debt. As of March, 2010, it had debts totalling close to Rs 19,500 crore.
It paid Rs 8,585 crore for 3G spectrum.