Indian operator Reliance Communications (RCom) plans to raise as much as USD 1.5 billion through a Singapore listing of its submarine cable assets, Bloomberg reports, citing a person familiar with the matter. Reliance may sell 75 percent of its fully owned subsidiary Flag Telecom in the first half of this year in an initial public offering and is seeking a valuation of up to USD 2 billion, said the person, who declined to be identified. Flag Telecom would be listed as a so-called business trust, the person added. Reliance Communications plans to use proceeds from the Flag Telecom sale to repay debt, said one person with the direct knowledge of the matter. Reliance Communications continually works on various options to unlock value from its unique combination of global telecommunication assets, said RCom spokesperson Rohit Khanna in Mumbai in an e-mailed statement, without commenting on the IPO. Deutsche Bank is arranging the sale, the person said.
