Mumbai: Anil Dhirubhai Ambani Group’s telecom arm Reliance Communications on 20 February 2008 announced setting up of Reliance Globalcom, under which all its global operations would be consolidated, and said it will also look for an IPO of the new firm. The company will be headquartered in London and have an annualized start-up revenue of $1.32 billion.
The new entity would target the fast-growing global telecom market with an annual addresseable revenue potential of $285 billion, the company said.
“In creating Reliance Globalcom, we are aligning our global communications strategies into a single vision to create one of the top five global communications companies in the world,” Reliance Communications chairman Anil Ambani said in a statement.
Reliance Globalcom would bring under its fold a diverse portfolio of global communications business services, including global voice, managed network, carrier ethernet, and fiber capacity businesses into a single group.
When asked whether the group would look at an IPO for the new entity, Reliance Globalcom president Punit Garg told reporters here, “It will look for an IPO in the future... We have tasks laid out for Globalcom. Once we acheive that then we will go for an IPO.”
“Reliance Globalcom, structured to serve the existing and emerging fast growing demands of our global customers, would add significant value for the shareholders of India largest and most profitable telecom enterprise,” Ambani added.