Reliance Globalcom, the international unit of Reliance Communications (RCOM), no longer plans to sell ff its undersea cable business. Instead, the company is examining the option of raising debt or equity to fund its expansion plans.
The development follows the appointment of new chief executive officer, Bill Barney. A year ago, RCOM was in talks with Bahrain-based telecom company Batelco for the potential sale of a stake in Globalcom. However, the talks did not materialise and RCOM failed to find any other buyer for the company as well.
Prior to selling the business, RCOM had also explored the option of listing Globalcom on Singapore Exchange Market. But owing to a weak economic environment in 2012, it had to shelve its plans to list the company on the foreign exchange. RCOM was looking at reducing its huge debt by either by selling or listing the Globalcom business.
