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Buyout firms in talks for R-Com tower unit stake: Report

Buyout firms in talks for R-Com tower unit stake: Report
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First Published: Wed, Jun 08 2011. 11 55 AM IST
Updated: Wed, Jun 08 2011. 11 55 AM IST
New Delhi: US 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.
R-Com 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% 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% in the mobile carrier itself did not yield any takers.
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First Published: Wed, Jun 08 2011. 11 55 AM IST