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China's Citic Telecom eyes undersea cable JV with Reliance Comm - FT
May 22, 2014 / 11:18 AM / in 3 years

China's Citic Telecom eyes undersea cable JV with Reliance Comm - FT

NEW DELHI (Reuters) - China’s Citic Telecom is in exclusive talks to buy into undersea cable assets of India’s Reliance Communications Ltd, the Financial Times reported on Thursday, citing unnamed people familiar with the talks.

A man walks past a logo of Reliance Communication before the Annual General Meeting in Mumbai September 22, 2009. REUTERS/Arko Datta/Files

If completed, the 50-50 joint venture would value Reliance Communications’ cable assets at $1 billion, the newspaper said, adding Citic Telecom beat out two other bidders from the Middle East earlier this month.

A spokesman for Reliance Communications, India’s fourth-biggest mobile phone operator by customers and controlled by billionaire Anil Ambani, declined to comment. Hong Kong-listed Citic Telecom was not immediately available for a comment.

Reliance Communications, which had a net debt of about $6.8 billion as of end-March, has in the past tried to raise funds through stake sales in its mobile phone towers and undersea cable units, but has not been successful in its attempts yet.

($1 = 58.7750 Indian Rupees)

Writing by Devidutta Tripathy; Editing by Sumeet Chatterjee

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