Reliance Pulls IPO for its FLAG Subsidiary

Reliance Communications withdrew plans for an initial public offering in shares of its FLAG Telecom subsidiary. Reliance had planned a public listing in Singapore.

FLAG operates the 28,000-km Fiber-Optic Link Around the Globe/
In October 2003, Reliance Group acquired FLAG Telecom Group for $207 million. A year earlier, FLAG had undergone a Chapter 11 bankruptcy proceeding to alleviate its debt.

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