Reliance Globalcom, the submarine cable unit of Anil Ambani-controlled Reliance Communications (RCom), has ended talks with Bahrain Telecommunications Co (Batelco) to sell a majority stake in the company. The company now reportedly is in advanced stages of negotiations with a consortium of private equity firms led by Samena Capital to sell a majority stake in the company, in a deal which is likely to conclude by May end. RCom is looking to pare its debt of more than Rs 37,000-crore.
Established in 2008, Samena Capital currently manages total capital commitments of more than $700 million across a range of closed-ended fund structures. The company, 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 with respect to Reliance Globalcom’s acquisition.
Reliance Globalcom, which has more than 65,000-km of undersea cable network, provides managed network services to global clients and owns sub-sea cables such as Flag Telecom, Hawk and Falcon.
