Reliance Communications is in advanced stages of talks with Bahrain Telecommunications (Batelco) for selling 80 per cent stake in its step-down subsidiary Reliance Globalcom for around 6,000 crore.
As per the media reports, "Reliance Communications is in advance stage of discussion with Bahrain Telecommunications. RCom is expecting Rs 5,000-6,000 crore from 80 per cent stake sale. It (deal) is expected to close by end of May."
Last month, RCom had said that it was in "discussions with Batelco Group" with respect to Reliance Globalcom. "At this point, there can be no certainty that this will lead to a transaction," it had said.
According to the reports, RCom is planning to use the proceeds to lower debt burden which stood at around Rs 37,360 crore as on December 31, 2012, sources said.