India’s fourth-largest operator Reliance Communications (RCom) is looking to sell off at least a majority stake in its tower unit for an estimated INR200 billion to INR250 billion ($3.13 billion to $3.9 billion).

Reliance Infratel is the country’s third-largest tower company with about 45,000 towers and also has the largest fibre network.

The Economic Times reported the company, which aims to sell its entire stake in Reliance Infratel but would settle for a 51 per cent sale, has reached out to Morgan Stanley, Bank of America Merrill Lynch and JM Financial to look for a buyer.

Indus Towers – a joint venture of Bharti Airtel, Vodafone India and Idea Cellular – is the country’s largest, followed by Bharti Infratel, with about 86,000 towers.

RCom will name a banker in the next two weeks and plans to complete the sale process this year, the Times said.

RCom reportedly wants to focus on its core wireless business, roll out 4G services and reduce its debt. Reliance Infratel has a debt of INR80-100 billion, which is on RCom’s books.

If it’s able to sell the entire unit, a person familiar with the talks said RCom will continue to rent space from the new owners, the Times reported.