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China’s Citic Telecom eyes undersea cable JV with Reliance Comm: report

LiveMint logoLiveMint 22-05-2014 PTI

New Delhi: China’s Citic Telecom is in exclusive talks to buy into undersea cable assets of India’s Reliance Communications Ltd (R-Com), the Financial Times reported on Thursday, citing unnamed people familiar with the talks.

If completed, the 50-50 joint venture (JV) would value Reliance Communications’ cable assets at $1 billion, the newspaper said, adding Citic Telecom beat out two other bidders from the Middle East earlier this month.

A spokesman for Reliance Communications, India’s fourth-biggest mobile phone operator by customers and controlled by billionaire Anil Ambani, declined to comment. Hong Kong-listed Citic Telecom was not immediately available for a comment.

Reliance Communications, which had a net debt of about $6.8 billion as of end-March, has in the past tried to raise funds through stake sales in its mobile phone towers and undersea cable units, but has not been successful in its attempts yet.

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