Reliance Globalcom has reportedly discontinued its talks with Bahrain-based telecom service provider Bahrain Telecommunications Co (Batelco) for selling a majority stake in the company.
Batelco was exploring the possibility of acquiring a majority stake in Reliance Globalcom, the submarine cable unit of Reliance Communications. The company had valued Reliance Globalcom at about $1.3 billion.
Meanwhile, Reliance Globalcom is learnt to be in advanced stages of negotiations with a consortium of private equity firms led by Samena Capital for selling a majority stake in the company. The deal is likely to be closed by May 2013.
