Reliance Communications is in talks with both strategic and financial investors, Bill Barney, CEO Reliance Globalcom said.
In a bid to bring down its staggering debt of Rs 41,000 crore, Reliance Communications (Rcom) is looking to monetise its international unit Reliance Globalcom. It has brought a new CEO Bill Barney to find the right buyers for the firm.
In an interview with CNBC-TV18's Kritika Saxena, Barney said Reliance Communications may partially or completely exit Globalcom business and is in talks with both strategic and financial investors.
"We are open for business and we are open for new investors at any point of time. One of the reasons why they brought me into this business is I have a very good way of dealing directly with institutional investors around the world. I bring that access to them in addition to the capabilities that Rcom already had," he added. However, no timeline has been finalised for the stake sale yet.
Speaking about the latest happenings in the firm, Barney added that the company has merged its three offshore businesses Yipes, Vanco and Flag Telecom under one umbrella. "We have re-launched them as a Global Cloud Exchange, which is our new name. It is a Reliance company, so we will continue to trade under the Reliance name," he added.
He expects the benefits of merger to flow into balance sheet in two quarters.
The company has been restructured and rebranded as Global Cloud Exchange and valuations are likely to go up as company expands its assets, he added.
Reliance Globalcom bought Flag submarine cable network in 2003, US-based web services provider Yipes in 2007 and European virtual network operator Vanco in 2008.
Also Read: Reliance Jio signs tower leasing pact with Viom
Reliance Comm stock price
On March 31, 2014, at 11:12 hrs Reliance Communications was quoting at Rs 131.40, up Rs 2.15, or 1.66 percent. The 52-week high of the share was Rs 164.45 and the 52-week low was Rs 50.40.
The latest book value of the company is Rs 160.57 per share. At current value, the price-to-book value of the company was 0.82.
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