GCX, formerly owned by Indian company Reliance Communications (RCom, no connection with Reliance Industries that owns Reliance Jio), said its free cash flow was US$57.7 million, an increase of $32.8 million or 132% above the prior year – which enabled $35 million in repayment of debt in the fiscal year that ended on 31 March.
Anja Blumert (pictured), CFO of GCX, said: “Our team has consistently delivered on our promise to foster the company’s steady growth. The FY22 results highlight strong cash flows, allowing GCX to further deleverage the business and reinvest in the company.”
After a turbulent period in which it faced the challenges of Indian bankruptcy law, GCX went into chapter 11 bankruptcy protection under US law three years ago.
Then last November 3i Infrastructure, a UK-based investor, said it would acquire GCX for $512 million. That is likely to be complete shortly. Carl Grivner, GCX CEO and board member, said in the results announcement: “With the support from 3i Infrastructure going forward, GCX is well positioned to explore additional strategic partnerships, expand our offerings, and grow our global footprint.”
3i, descended from the UK state-controlled Industrial and Commercial Finance Corporation, which became Investors in Industry, is now a publicly quoted company.
