Reliance Communications on Friday said it is in talks with Bahrain Telecommunication Company (Batelco) for a stake sale in its unit Reliance Globalcom, the company’s global communications services business unit.
“The company notes recent reports in the press and confirm that it is in discussions with Batelco Group with respect to Reliance Globalcom, the company’s global communications services business unit,” Reliance Communications said in a filing to the BSE. At this point, there can be no certainty that this will lead to a transaction, it said.
As per the company’s website, Reliance Globalcom owns undersea cable system spanning 65,000 km, which connects 40 business markets in India, Middle East, Asia, Europe, and the US.
If successful, this would be Batelco’s second major deal in a matter of months. In December, it agreed to buy Cable Wireless Communications’ Monaco and Islands division, which owns stakes in telecom operators in 12 markets including the Maldives, Channel Islands and the Seychelles. That deal was worth up to $1 billion.
Batelco owns Jordanian telecom firm Umniah, 27 per cent of Yemeni mobile operator Sabafon and minority stakes in internet providers in Kuwait and Saudi Arabia and is also active in Egypt.
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