Embattled Reliance Communications is laying a 68,000-km undersea cable to carry data across Europe and Asia, to be built at a cost of US $600 million.
The company said in Mumbai on Tuesday, The system, which will connect its base in India with Italy to the West and Hong Kong on the East, is expected to treble revenues in five years for its wholly-owned subsidiary Global Cloud Exchange, which is laying the cable.
The cable potentially reaches over 75% of the youth in the globe, which is also very educated. The size of what is being billed as the “new RCom” is much smaller but it is expected to be much leaner. Late last month the company sold its spectrum to elder brother-run Reliance Jio for an estimated Rs 23,000 crore which helped it skirt a slew of insolvency petitions and eventual liquidation.