Tuesday, August 27, 2013

India's Reliance Communications talks in progress on unit stake sale - chairman

Reuters – 

MUMBAI (Reuters) - Reliance Communications Ltd's talks with potential partners for selling a stake in a unit that includes its undersea cable assets are in progress, Chairman Anil Ambani told shareholders on Tuesday.

He did not name any possible suitor.

Reliance Communications, India's third-biggest mobile phone operator by customers, said in April it was in talks with a private equity consortium that included Samena Capital for the stake sale, after talks with Bahrain Telecommunications Co (Batelco) fell through.

(Reporting by Indulal PM; Editing by Gopakumar Warrier)