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.