Wealth funds to invest in RCom submarine cable unit
20 Jul 2012
Four sovereign wealth funds, including Singapore's Temasek Holdings and China Investment Corp, will invest in Reliance Communications' submarine cable unit Global Telecommunication Infrastructure Trust (GTIT).
Four souvereign wealth funds from Singapore, the Middle East and China have confirmed participation of $250-300 million in GTIT's IPO, according to various media reports.
Apart from Temasek and CIC, Investment Corp of Dubai would also take part in GTIT, according to the reports.
RCom is looking at listing Flag Telecom, its undersea cable system Flag Telecom through a Singapore business trust, GTIT on the Singapore stock exchange.
However, the reports did not mention the extent of investments that Temasek and the other two would make.
GTIT owns four subsea cable systems that carry Internet traffic and data around the globe. Deutsche Bank AG, DBS Group Holdings Ltd, Industrial & Commercial Bank of China Ltd and Standard Chartered Plc are lead managers for the IPO.
