Reliance Globalcom sale to Batelco breaks down
22 April 2013 | Mitch Sayers
Talks between Reliance Communications and Bahraini operator Batelco for the sale of subsidiary Reliance Globalcom have reportedly broken down.
The Indian operator was reportedly looking to divest an 80% stake in its enterprise arm in an effort to restructure debts – with Bahrain carrier Batelco thought to have been in advanced talks.
In a statement, however, the Indian carrier said it is no longer in talks with Batelco but does hope to have completed a deal for Globalcom by the end of May.
"Samena Capital, in a proposed consortium with certain other global private equity 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 company said.
RCom declined to name any other bidders involved in the consortium or why talks with Batelco broke down.