A unit of China’s largest conglomerate is in exclusive talks to buy into undersea cable assets controlled by Anil Ambani, in a rare partnership between one of India’s richest men and a powerful Chinese state company.
Hong Kong-listed Citic Telecom beat two other bidders from the Middle East this month, three people familiar with the discussions told the Financial Times. If completed, the 50-50 joint venture would value the cable assets at $1bn.
Citic Telecom is ultimately controlled by Citic Group, an industrial and financial services conglomerate.
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