Four sovereign wealth funds, including Singapore's Temasek Holdings and China Investment Corp, have agreed to invest in the initial public offering of
Reliance Communications Ltd's undersea cable unit Global Telecommunication Infrastructure Trust.
Four souvereign wealth funds from Singapore, the Middle East and China have confirmed particiation of USD 250 to 300 million in the GTI Trust's IPO, sources privy to the development said.
Besides Temasek and CIC, Investment Corp of Dubai too has confirmed participation in Global Telecommunications Infrastructure Trust's public offering in Singapore. When contacted, RCOM declined to comment. RCom is looking at listing Flag Telecom through a Singapore business trust, Global Telecommunications Infrastructure Trust (GTIT) on the Singapore stock exchange.
It wasn't immediately clear how much Temasek or CIC are investing. GTI Trust owns four subsea cable systems that carry Internet traffic and data around the globe. Deutsche Bank AG,