Business Daily from THE HINDU group of publications
Saturday, Jan 13, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Jan 13, 2007 ePaper |
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Markets
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Stocks Info-Tech - Telecommunications
Our Bureau
New Delhi , Jan.12 Anil Ambani Group company Reliance Communications Ltd (RCL) is planning to list its undersea cable business unit FLAG Telecom in London to raise over $500 million. The company plans to dilute 20-24 per cent stake in the company through the listing on the London Stock Exchange (LSE), company sources said. When contacted, an RCL spokesperson, however, declined to comment. The move could be aimed at raising money for the proposed bid for Hutchison Essar. Reliance had acquired the US based under sea cable company to get inroads into the international long distance sector. FLAG is already listed on the Nasdaq.
Extra Capacity
The plans to go for fresh listing comes immediately after Reliance unveiled a $1.5 billion investment in the cable company to increase its network capacity by 43 per cent to 1,15,000 km. The project will add extra capacity for voice calls, Internet and multimedia services. The fibre-optic cable would eventually reach 60 countries and connect 5 billion global customers. FLAG would have the capability to carry 2.5 billion simultaneous voice calls, 300 million simultaneous webchats, 52 million simultaneous video chats and enabling 20 million students in educational institutions of India to offer e-learning simultaneously.
About FLAG
FLAG has an established customer base of more than 200 leading operators, including all of the top 10 international carriers. It owns and manages an extensive next generation optical fibre network spanning four continents, connecting 37 key business markets in Asia, Europe, West Asia and the US.
More Stories on : Stocks | Telecommunications | Reliance Communications Ltd | Stock Exchanges
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