Reliance Globalcom's new CEO Bill Barney said it is abandoning its effort to sell itself off and will instead try to raise debt or equity to fund future expansion efforts, reports the Economic Times.
Reliance Globalcom on Tuesday revealed that it has upgraded its FLAG Europe-Asia (FEA) submarine cable network, one it tried to take public earlier this year, to 100G.
India's Reliance Communications has decided not to pursue an initial public offering of its FLAG submarine cable unit due to what it says are "unfavorable" market conditions.
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Flag Telecom, the Reliance Communications’ group’s global carrier arm, is aiming to raise as much as $500 million (€366 million) through a bond issue.
Reliance Communications has denied reports that it is planning to sell off its FLAG cable system. The Indian telco was hoping to raise as much as $3 billion (&eu