Reliance Communications confirms talks with Batelco
15 Mar 2013
Reliance Communications (RCom) has confirmed that it is in talks with Bahrain Telecommunications Co (Batelco) to sell a stake in Reliance Globalcom.
''At this point, there can be no certainty that this will lead to a transaction. A further announcement will be made in due course if appropriate,'' RCom said in an exchange filing.
Reliance Communications did not divulge further details about its plans to sell stake in Reliance Globalcom, its enterprise business unit.
According to media reports on Thursday, Batelco, along with a few Middle East funds, have valued Reliance Globalcom at $1.3 billion.
Reliance Group will retain a minority stake in the company, if the deal goes through, the reports said, quoting sources.
Reliance Globalcom, which has over 65,000-km undersea cable network, offers managed network services to companies such as British Airways, Siemens and Virgin Megastores.
''At this point, there can be no certainty that this will lead to a transaction. A further announcement will be made in due course if appropriate,'' RCom said in an exchange filing.
Reliance Communications did not divulge further details about its plans to sell stake in Reliance Globalcom, its enterprise business unit.
According to media reports on Thursday, Batelco, along with a few Middle East funds, have valued Reliance Globalcom at $1.3 billion.
Reliance Group will retain a minority stake in the company, if the deal goes through, the reports said, quoting sources.
Reliance Globalcom, which has over 65,000-km undersea cable network, offers managed network services to companies such as British Airways, Siemens and Virgin Megastores.