Singapore-based trust to control one-third of the Reliance Globalcom?s global carrier operations

Reliance Communications (RCOM) has fast-tracked the process of listing its undersea cables arm, say news reports.

The operator has established Global Telecom Infrastructure Trust (GTI Trust) for this purpose. As per the prospectus filed by RCOM with the Singapore Stock Exchange, the GTI Trust will hold $1.2 billion worth of assets.

The prospectus added that RCOM?s global carrier business generated revenues of $1 billion, of which, its Singapore-listed entity accounted for $ 330 million.

With this, RCOM is looking at raising over $1 billion to reduce its debt. The company currently has a net debt of $6.5 billion on its books.