Talking with Batelco but no certainty: RCom

RCom issued a clarification to the stock exchanges, after a number of news reports said that both these companies are in talks

Reliance Communications on Friday said it was in talks with Bahrain Telecommunication Company (Batelco) for stake sale in its unit Reliance Globalcom.

“At this point, there can be no certainty that this will lead to a transaction. A further announcement will be made in due course, if appropriate,” RCom said in a clarification issued to stock exchanges, after a number of  news reports said that both companies were in talks. The Anil Ambani-owned company has been trying to monetise a variety of its assets in an attempt to pare its debt, which stands at around Rs 36,000 crore.

The assets which the company tried to sell in the last two years include its telecom tower business, sub-sea cable networks, along with stake in the parent company as well.

None of these deals could go through.

A few months back, RCom tried to list its sub-sea cable business in Singapore, but had to withdraw its plans due to lack of demand owing to a slowdown in international markets.

The company's stock fell by 1.3 per cent to Rs 67 per share, at 11:21 am on Friday.