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Updated on: Wednesday, May 29, 2019, 05:58 AM IST

2 buyers show interest in RCom’s leftover businesses

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Mumbai : Two buyers, including a consortium of four funds, have evinced interest in buying or taking a controlling stake in the leftover businesses of Anil Ambani group’s embattled telecom arm, Reliance Communications (RCom), an official said on Wednesday.

The company, which exited the flagship wireless businesses due to financial pressures and is also selling its spectrum, is looking to sell off the enterprise-focused offerings including subsea cables, international fixed line and data centres businesses.

“We also do have two strategic buyers that are looking at the company today as we speak. We will see where it can go over the next few months,” RCom’s CEO, Bill Barney, said.

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He said the buyers will look for either a 100 per cent buy or at least a controlling stake. The company is optimistic of having a net worth of $1 billion, he said.

At the company’s annual general meeting earlier this month, Ambani had announced that RCom will be completely exiting the telecom business to concentrate on real estate in future. The proceeds from the sale will go to its creditors, he had said.

“Our chairman talked about essentially exiting or withdrawing from the telecom business. He’s not going to do this tomorrow, it is going to happen over a time. It may be months, may be years,” Barney said.

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He said the two potential buyers will take time for the due diligence, given the unfolding events which have now reduced it to a fraction of the original business.

The two buyers include a consortium of four funds which have come together for the bid, he said.

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Published on: Thursday, September 27, 2018, 12:14 AM IST
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