13 Jun 2012
Indian telco Reliance Communications has received approval from the Singapore stock exchange to launch an initial public offering (IPO) for its undersea cable unit Reliance Globalcom, reports Reuters. Reliance is hoping to raise around USD1.5 billion with the IPO though it is understood that USD1 billion is a more likely target, with the funds to be used to cut the group’s debt burden of USD7 billion. As previously noted by CommsUpdate, Reliance Globalcom operates undersea cable networks in Europe, the Middle East and Asia. Its current operational cables are FLAG Atlantic-1 (FA-1), FLAG Europe-Asia (FEA), FLAG Falcon, FLAG North Asia Loop (FNAL) and FLAG Hawk.