Update: In a statement to the stock exchanges, Reliance Communications has said that Batelco is no longer in discussions with RCOM and Samena Capital for the acquisition of Reliance Globalcom, but RCOM is in talks with Samena Capital, as a part of a consortium with global PE funds: "We note recent reports in the press and confirm that Samena Capital, in a proposed Consortium with certain other global PE funds, is at an advanced stage of the process of due diligence and completion of definitive documents in relation to the acquisition of Reliance Globalcom Ltd., our global communications services business unit. The intended time line for completion is end of May 2013. 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 and when appropriate. RCOM and Samena Capital are no longer in discussions with Batelco for the purposes of the above transaction." April 8th: Telecom operator Reliance Communications (RCOM) is looking to sell 80% stake in its subsidiary Reliance Globalcom to a consortium led by Bahrain Telecommunication Company (Batelco) for around Rs 6,000 crore, reports The Times Of India. The report states that RCOM plans to pay off a part of its debt through the money it will receive from this transaction. Citing sources, the report states the deal is expected to happen by May end and following this deal, Batelco will have the management control of Reliance Globalcom, while RCOM hopes to pay off a part of its debt through the money it will…
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