RCom Looking to Sell Subsea Cables and International Data Centres

Reliance Communications (RCom), which already exited the Indian telecom sector is now looking to sell its remaining businesses. RCom is now looking to sell off its enterprise focused-businesses- subsea cables, international fixed line and data centres businesses. Earlier, RCom exited the wireless businesses due to financial pressures and the company also sold its spectrum to Reliance Jio. Two buyers, including a consortium of four funds, have evinced interest in buying or taking a controlling stake in the leftover businesses of Anil Ambani group’s embattled telecom arm, Reliance Communications (RCom), a top company official said Wednesday, according to PTI.

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“We also do have two strategic buyers that are looking at the company today as we speak. We will see where it can go over the next few months,” RCom’s chief executive officer, Bill Barney, told reporters here.

He said the buyers would look for either a 100% buy or at least a controlling stake. The company is optimistic of having a net worth of USD 1 billion, he said.

At the company’s annual general meeting earlier this month, Ambani had announced that RCom would be completely exiting the telecom business to concentrate on real estate in future. The proceeds from the sale will go to its creditors, he had said. “Our chairman talked about essentially exiting or withdrawing from the telecom business. He’s not going to do this tomorrow, it is going to happen over time. It may be months, maybe years,” Barney said.