NEW DELHI: India’s third-biggest mobile firm RCom said yesterday it was in “advanced” talks to sell a stake in its network infrastructure unit to private equity funds as it seeks to pay down debt. Reliance Communications or RCom, controlled by Indian tycoon Anil Ambani, said it hopes to conclude a deal to sell a holding in Reliance Globalcom to a consortium of private equity funds led by Samena Capital by the end of May.
The consortium may buy up to 80 percent of Reliance Globalcom for $1.0-$1.2bn, the Press Trust of India quoted unnamed industry officials as saying.
Dubai-based investment firm Samena Capital and the rest of the proposed consortium are “at an advanced stage of the process” to acquire Reliance Globalcom, RCom said in a statement.
AFP
