Reliance Communications, the Indian mobile phone carrier, is in the final stages of talks to sell its tower unit to private equity firms the Carlyle Group and the Blackstone Group, Reuters reported, citing the Times of India. The deal could be worth as much as $4 billion, Reuters reported.
(Reuters) – Indian mobile phone carrier Reliance Communications, is in the final stages of talks with private equity firms Carlyle and Blackstone to sell its tower unit, the Times of India reported on Monday.
The deal, which could be worth $4 billion, is expected to be announced in the next two weeks, the newspaper said, without citing any sources.
Debt-laden Reliance Communications, India’s second biggest mobile operator, has posted nine straight drops in quarterly profit and the company has been trying to sell the tower unit for more than one-and-half years to help bring in much needed funds.
A spokesman for Reliance Communications did not offer any comment.