RCom gets nod for Rs 5,000 cr IPO for sub-sea cable business in Singapore

Reliance Communications (RCom), part of the Anil Dhirubhai Ambani Group (ADAG), plans to list its sub-sea cable infrastructure network in Singapore through a business trust.

Company officials said updates on the listing would be announced soon. However, according to informed sources, the issue size could be around Rs 5,000 crore.

"On June 12, 2012, the Singapore Exchange Securities Trading Limited has granted an 'eligibility to list' to the business trust subject to the requisite conditions being satisfied," a statement from the company said.

The sub-sea cable business is operated by Flag Telecom, a division of the company's wholly-owned subsidiary Reliance Globalcom Ltd.

The submarine cable assets of the company span over 68,000 km with landings in 46 locations in 26 countries and 403 customers.

With IANS inputs