SoftBank and Sumitomo Group, a business consortium, are near to completing a funding deal to help TOT, Thailand’s state-owned operator, according to The Bangkok Post.

According to the report, the two Japanese firms have “essentially committed” to providing financial backing for the second phase of TOT’s 3G network rollout, in return for a stake in the business.

No details have yet emerged as to the amount of funds being discussed or the size of TOT equity that might be up for grabs.

However, Yongyuth Wattanasin, TOT’s chief executive, said the operator may now appraise the value of its 2.1MHz spectrum assets and its 5,320 3G base stations ahead of a share acquisition.

Analysts reckon those assets are worth in the region of THB30 billion ($1 billion).

Yongyuth added that SoftBank approached TOT with a financial offer last year, while Sumitomo declared its interest last month. “We’ll decide on the proposals by October,” said TOT’s chief executive.

SoftBank and the Sumitomo Group are not the only funding options on the table for TOT. Loans from local banks, or backing from network vendors, or perhaps even turning to the Samart-Loxley consortium again – which rolled out phase one of the 3G network – are all possibilities.

Another option, mentioned in the report, is for TOT to enter a joint venture partnership with a private mobile operator. Yongyuth said it was too early to say which option was best.

TOT introduced its 2.1GHz-based 3G service in Chiang Mai, under the first phase of its nationwide 3G network rollout, in March this year. TOT also offers 3G wholesale services.

However, the state-owned operator lags considerably behind in the Thai mobile market.

According to figures from Wireless Intelligence, TOT had 263,000 subscribers by the end of March 2013. That figure is dwarfed by AIS (37 million subscribers), DTAC (27 million) and True Move (21.5 million).