RCom no longer in talks with Batelco over unit stake sale
Reliance Communications , India's third-biggest cellular carrier by customers, said on Saturday it is no longer in talks with Bahrain Telecommunications Co for selling a stake in its enterprise business unit.
Mumbai: Reliance Communications , India's third-biggest cellular carrier by customers, said on Saturday it is no longer in talks with Bahrain Telecommunications Co for selling a stake in its enterprise business unit.
Instead, the company said, it is in talks with a private equity consortium that included Samena Capital and hoped to complete the deal by May-end.
"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," Reliance Communications said in a statement.
It did not name the other members of the consortium and also did not say why its talks with Batelco did not go ahead.
Reliance Communications and Batelco said last month they were in talks over the Indian carrier's enterprise business unit, which includes its undersea cable business. The sale of the unit is crucial to cut Reliance communications' heavy debt load.
RCom owes over Rs 40,000 crore to a group of 38 lenders, including Chinese banks, and was resolving the debt through a strategic debt restructuring (SDR) process.
<br /><br /> The plans include increase in Reliance Capital's customer base from 20 million to 50 million, expansion of distribution reach from five thousand to 25 thousand cities and towns and increase in the number of business partners from half a million to one million