Batelco out of running for Globalcom

22 Apr 2013

Reliance Communications (RCOM) is no longer involved in talks with Bahrain Telecommunications Company (Batelco) regarding the sale of its submarine cable arm Reliance Globalcom, the Economic Times reports. In its place, a consortium of private equity firms is close to sealing a deal to take over RCOM’s subsidiary. A statement from the company noted: ‘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.’

India, Bahrain Telecommunications Company (Batelco), Reliance Communications (RCOM)