NEW DELHI, Feb 2 Asia Pulse - Anil Dhirubhai Ambani Group company Reliance Communications (BSE:532712) on Wednesday approved global listing of its undersea cable business unit Flag Telecom.
The board of directors took a decision in this regard at its meeting. The company had earlier indicated listing of Flag Telecom at London Stock Exchange to raise over US$500 million.
The company plans to dilute 20-24 per cent stake in the wholly-owned company through the listing on LSE, sources said. Sources said the process of preparation for the listing would start next month.
Flag Telecom provides network infrastructure and data services to telecom operators and content providers across the world.
Ambani last month unveiled a US$1.5 billion investment plan in Flag, designed to increase its network by 43 per cent to 115,000 km and add extra capacity for voice calls, internet and multimedia services amid rising global demand.
The expansion will extend India's largest internet protocol network to destinations in south-east Asia, Africa, the Mediterranean and the Pacific, including links between Japan, China and the US west coast.
The fibre-optic cable would eventually reach 60 countries and connect 5 billion global customers.
(PTI) 02-02 1216
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