RCOM likely to sell 50% stake in undersea cable business to Citic Telecom

Reliance Communications (RCOM) is in talks to sell a 50% stake in its undersea cable business to Hong Kong's Citic Telecom for $500 million (Rs 2,925 crore) to $600 million (Rs 3,510 crore), in order to raise funds to pare debt. Earlier, the company’s India Enterprise Business Services' unit had unveiled a game-changing bouquet of products and services for its corporate customers, targeted at changing the way Indian enterprises communicate and connect. RCom is India’s foremost and truly integrated telecommunications service provider. The company, with a customer base of about 150 million, including over 2.5 million individual overseas retail customers, ranks among the Top 4 Telecom companies in the world by number of customers in a single country.