Reliance Communications (RCOM) is believed to be in an advanced stage of negotiations with Bahrain Telecommunications (Batelco) for offloading 80 per cent stake in Reliance Globalcom for about Rs 60 billion.
RCOM is likely to close the deal by May 2013. The company plans to utilise the proceeds from the deal to lower its debt burden. As of December 31, 2012, RCOM’s debt stood at Rs 373.6 billion.
