No longer in talks with Batelco for selling Reliance Globalcom: RCOM

NEW DELHI: Reliance Communications (RCOM), promoted by Ani Ambani, said on Saturday that it was no longer in talks with Bahrain Telecommunications Company (Batelco) for selling one of its subsidiaries.

Instead, the company said that private equity funds led by Samena Capital were in advanced talks to acquire Reliance Globalcom, which owns undersea cable company Flag Telecom.

“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.

The intended time line for completion is end of May 2013. At this point, there can be no certainty that this will lead to a transaction,” the company said in a statement.