In talks to sell stake in Reliance Globalcom: Ambani

Reliance Communications (RCoM) Chairman Anil Ambani today said talks are in progress with partners for selling stake in its communications services business unit -- Reliance Globalcom.

"To create more value for shareholders, various discussions are in progress and as and when we have something to report, we will notify the exchanges," Ambani said while addressing the shareholders on 9th annual general meeting here.

He, however, did not name any company with whom talks are going on.

RCoM, India's third-biggest telecom company in April said that it was in advanced stage of talks for selling a stake in Reliance Globalcom, its enterprise business unit, to a consortium of PE funds that includes Samena Capital.

Reliance Globalcom was previously in talks with Bahrain Telecom (Batelco). Sources said the PE consortium had been preferred as it was offering better price and faster execution of the deal, which may be $1 to 1.2 billion in size.