Deals
Reliance Communications Said to Approach Citic on GCX Sale
- Indian wireless carrier explores sale of undersea cable unit
- Billionaire Ambani seeks to divest assets to pay down debt
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Billionaire Anil Ambani’s Reliance Communications Ltd. has approached Citic Telecom International Holdings Ltd. as it makes a fresh attempt to attract a buyer for its undersea cable unit, people with knowledge of the matter said.
Reliance Communications is reaching out to potential acquirers for the Global Cloud Xchange business, known as GCX, as the Indian carrier explores further asset divestments to pay down debt, according to the people. Hong Kong-based Citic Telecom, which has a market value of about $1.1 billion, hasn’t decided whether to proceed with an offer, the people said, asking not to be identified because the information is private.