Batelco pursues stake in Reliance Globalcom

Batelco has confirmed that it is in talks to buy a subsidiary owned by the Indian mobile network operator, Reliance Communications.

India’s RCom, which is laden down with nearly US$7 billion of debt, has been looking to sell a stake for some time to help pay down some of the debt pile.

Batelco had previously invested in the country through a mobile network, but was forced to write off the investment following last year’s cancellation of the 2008 GSM licences.

The current sale negotiations are limited to Reliance’s enterprise business unit, Reliance Globalcom.

“We are in discussions with Reliance Group with respect to Reliance Globalcom,” Batelco chief executive Sheikh Mohamed bin Isa al-Khalifa said in a statement.

It is estimated that a sale of the division could raise US$1.3 billion for the indebted parent company.

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