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Globalcom plans expansion, no longer up for sale

7 Mar 2014

Reliance Globalcom, the submarine cable arm of Reliance Communications (RCOM), is no longer up for sale local news outlet NDTV cites the unit’s new chief executive Bill Barney as saying. RCOM has long sought to sell-off its Globalcom division to ease its debt burden but an initial public offering (IPO) was scrapped in mid-2012 after failing to garner sufficient interest whilst negotiations with Bahrain Telecommunications Company (Batelco) regarding a potential sale collapsed in early 2013. Since then RCOM executives have claimed that the company was involved in talks with other, unnamed companies, but no details have come to light. Barney explained that ‘there’s no ‘for sale’ sign up on the company,’ adding that Globalcom will: ‘go to the capital markets when we need it, it may in the form of debt, it may be equity.’ The official went on to say that Globalcom was looking to better integrate three of its businesses, its Flag submarine cable network, US-based web services provider Yipes and virtual network operator Vanco: ‘In the next four to eight months we will bring the company together as a single company, focusing more on IP and cloud services in addition to our cables…We’ll expand quickly into new services and expand our footprint into key markets around the world.’

India, Reliance Communications (RCOM)

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