PE funds consortium in talks to acquire Reliance Globalcom

The consortium,which also includes Providence and Carlyle,may buy up to 80 per cent in Reliance Globalcom which also owns the groups undersea cable business,for 1-1.2 billion,industry sources said.

The stake sale is expected to be used by RCom to lower its debt burden which stood at around Rs 37,000 crore as on December 31,2012.

Samena Capital,in a proposed consortium with certain other global PE funds,is at an advanced stage of the process of due diligence and completion of definitive documents in relation to the acquisition of Reliance Globalcom Ltd, RCom said in the filing to the stock exchanges.

It did not name the other members of the consortium and also did not say why its talks with Batelco did not go ahead.