The undersea cable unit of India's Reliance Communications, has applied to list in Singapore, two sources with direct knowledge of the matter said, a move that could raise USUS$1 billion ($1.26 billion) to help its parent company pare a heavy debt burden.
Flag Telecom is seeking to raise US$1.5 billion, according to the Business Standard newspaper, but sources have said that US$1 billion is a more realistic target.
Reliance Communications, controlled by billionaire Anil Ambani, has long been trying to raise funds to cut its debt load, which stood at US$6.9 billion as of December - but with little success.
India's second-largest mobile firm by users competes with 14 others in a highly competitive Indian mobile phone market.
No comments:
Post a Comment