Once the deal is concluded, it is expected to value Reliance Gobalcom at $1-1.2 billion, sources close to the developments told IANS here. The company is a division of Reliance Communications.
"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," the group said in a filing.
"Reliance Communications and Samena Capital are no longer in discussions with Batelco for the purposes of the above transaction," the letter to exchanges added. Officially called Bahrain Telecommunications, it is the main telecom company in Bahrain.
The move comes close to the $220-million pact under which Mukesh Ambani-led Reliance Jio Infocomm has agreed to utilise the optic fibre network of the Anil Ambani-led Reliance Communications to offer fourth generation (4G) telecom services.
These apart, the Reliance Group is also said to be on a lookout for hiving off stake in its towers subsidiary, Reliance Infratel.
"The modalities of the manner in which the consortium of Samena Capital will pick up a stake in Reliance Globalcom is still being worked out. But that said, whichever way the deal is structured, money will flow into to the Reliance Group," a source said.
"These deals will not only go a long way in lightening the debt-heavy balance sheet but also unlock value for shareholders this has been the group's stated strategy for the past few years for its family of 12-million-plus shareholders," the source added.
In the proposed Reliance Gobalcom deal, besides Samena Capital, the consortium includes leading private equity funds such as Providence and Carlyle, according to the sources.
With a footprint across 230 countries, Reliance Globalcom provides communications services to telecom and related service Providers, enterprises and consumers across the globe.
Formerly named Flag Telecom, the company owns the world's largest private undersea cable system spanning 65,000 kms, that is integrated with Reliance Communications over 190,000 kms of optic fiber to connect 40 key markets in India, Middle East, Asia Europe, and the US.
Samena Capital was established in 2008 by some prominent investors and today has an equity capital of $80 million. A Cayman Island exempted company, its total capital commitments is in excess of $700 million.
Catch the latest from the Consumer Electronics Show on Gadgets 360, at our CES 2026 hub.