Mumbai, Apr 20 (IANS): The Anil Ambani-led Reliance Group Saturday confirmed that a consortium led by Samena Capital was in advanced stages of due diligence to acquire its international communications arm, Reliance Gobalcom.

The deal, according to sources close to the talks, is estimated at $1.2 billion.

"The intended time line for completion is end of May 2013. At this point, there can be no certainty that this will lead to a transaction. A further announcement will be made in due course, if and when appropriate," the group said in a stock exchange filing.

"Reliance Communications and Samena Capital are no longer in discussions with Batelco for the purposes of the above transaction," the letter to the exchanges added.

Besides Samena Capital, the consortium includes leading private equity funds such as Providence and Carlyle, according to the sources.

With a footprint across 230 countries, Reliance Globalcom provides communications services to telecom and related service Providers, enterprises and consumers across the globe.

Formerly Flag Telecom, the company owns the worlds largest private undersea cable system spanning 65,000 kms, that is integrated with Reliance Communications over 190,000 kms of optic fiber to connect 40 key markets in India, the Middle East, Asia, Europe, and the US.

Samena Capital was established in 2008 by some prominent investors and today has an equity capital of $80 million. A Cayman Island exempted company, its total capital commitments is in excess of $700 million.