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Reliance Communications Ltd To Sell 80% Stake In Subsidiary To Bahrain Telecommunications Co BSC-Times Of India


Sunday, 7 Apr 2013 06:52pm EDT 

Times Of India reported that Reliance Communications Ltd will sell an 80% stake in its subsidiary Reliance Globalcom, a global communications service provider, to a consortium led by Bahrain Telecommunications Co BSC (Batelco) for around INR6,000 crore (INR60 billion) , as part of a series of deals that the Reliance Group proposes to stitch over the next two to eight weeks. The proceeds from these transactions, cumulating to over INR9,000 crore, would be used to pay off RCOM's debt, estimated at INR37,000 crore. 

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