TPG Capital and Carlyle in Talks to Buy Stake in Part of Reliance Comm: Report

(Reuters) – U.S. private equity firms TPG Capital and Carlyle Group  are in talks to buy a stake in the tower unit of Indian telecom company Reliance Communications , Bloomberg reported, citing people with knowledge of the matter.

Reliance Communications, controlled by billionaire Anil Ambani, has also received interest from Blackstone Group and London-based Apax Partners , the news agency reported.

Reliance Communications could not be immediately reached for comment on the matter.

Last week, the debt-laden Indian telecom firm said it had received several offers for its 95 percent stake in its tower arm but did not name the bidders.

The company, which has seen its profit slide in seven straight quarters, has been trying to raise funds to cut debt.

An agreement to spin off the tower arm Reliance Infratel into a venture with GTL Infrastructure fell apart last year and a separate plan to sell up to 26 percent in the mobile carrier itself did not yield any takers.

(Reporting by Renju Jose in Bangalore; Editing by Muralikumar Anantharaman)