By Fierce Telecom
India's Reliance Communications (NSE: RCOM) has decided not to pursue an initial public offering of its FLAG submarine cable unit due to what it says are “unfavorable” market conditions.
Carrying $7 billion in debt, the service provider hoped to generate between $700 million and $1 billion from the listing of FLAG via GTI Trust, a Singapore-based trust, on the Singapore stock exchange.
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