By The Hindu Business Line
Mumbai, May 22:
China’s Citic Telecom has initiated exclusive talks with debt-laden Reliance Communications (RCom) to acquire its submarine cable assets, with the Indian company making another attempt to pare debt. The deal, which is expected to conclude within a month, values RCom’s cable assets held by its unit Global Cloud Exchange (earlier known as Reliance Globalcom) at $1 billion (about ?5,900 crore).
The Hong Kong-listed company beat two other bidders from West Asia for the equal joint venture. Standard Chartered is advising Citic Telecom on the transaction and Hong Kong-based investment bank IRG is the advisor for RCom, according to reports in the Financial Times.