A consortium led by Bahrain Telecommunications Company (Batelco) is set to acquire Indian mobile phone company Reliance Communication's (RCom) 80 percent stake in its subsidiary for $1.1 billion.
According to reports, RCom planned to sell its 80 percent stake in its telecom subsidiary Reliance Globalcom to raise funds to reduce its debt estimated at $6.7 billion.
The remaining 20 percent stake will be retained by RCom, but the option to sell is available, the report said. The Batelco-led consortium, which includes private equity firms, is expected to close the deal by the end of May.
RCom would retain a 20 percent stake in Reliance Globalcom initially but has the option to sell that as well, the report said, adding the deal could be closed by May-end.
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