RCom to sell off 26pc stake in Globalcom?

NEW DELHI, INDIA: Soon after the announcement to de-merge its tower unit, Reliance Infratel, debt-ridden Anil Ambani group company Reliance Communications (RCom) seems to be now evaluating the option to sell up to 26 per cent stake in its wholly-owned arm, Reliance Globalcom, reports The Hindu Business Line.

If through, this could translate into an inflow of $500 million for RCom.

Sources say the company will begin the process of inviting bids for the stake in Reliance Globalcom only after it concludes the de-merger of Reliance Infratel.

With Infratel's demerger, the company may be able to generate roughly Rs 15,000 crore. This, coupled with the Rs 2,200 crore expected from the stake sale of Globalcom, will significantly strengthen RCom's balance-sheet, adds the report.

Meanwhile, Anil Ambani Group firm Reliance Capital said it will acquire an 18 per cent interest in business news channel Bloomberg UTV for an undisclosed amount.

"The investment will form part of Reliance Capital's exposure to the fast growing and high potential media sector," the ADAG firm said in a statement on Wednesday.