Reliance Communications’ (RCom) up-for-grabs tower unit is reportedly gauging renewed interest from a host of parties, including three US private equity firms, as well as industry players Bharti Infratel and American Tower Corp.
The company first announced in May it was looking to sell a majority 51 per cent stake in Reliance Infratel, India’s third largest tower company with approximately 45,000 towers.
The unit, which also boasts India’s largest fibre network, is reportedly valued by the company at approximately $4 billion.
According to Reuters, private equity groups Blackstone, Carlyle Group, and Providence Equity Partners have all expressed interest over a possible deal.
On the industry side, domestic rival Bharti Airtel’s tower unit Bharti Infratel and American Tower Corp are other potential suitors.
In June, RCom reportedly received bids for the unit from five or six companies, including Carlyle and American Tower, but there were no further developments.
Airtel, however, was not rumoured to be in the running at the time. In February, the company itself offloaded a chunk of its own tower unit to raise $300 million in funds for debt reduction.
A spokesman for the company told Reuters in a statement: “We keep evaluating options on an ongoing basis and are open to opportunities provided there is a strategic fit”.
Anil Ambani-owned Reliance Communications said in its May regulatory filing it wanted to complete the divestment by March 2016.