Reliance Communications has received a number of offers for a majority stake in its telecoms towers business and has compiled a short list of bidders for the next round of the sale process, it announced on Monday.
The Indian operator said it has received non-binding bids for its Reliance Infratel business from various parties and has shortlisted "a smaller number of very credible interested parties" to progress to the next phase of the sale.
Some of the firms on the short list have expressed an interest in acquiring up to 100% of Infratel, it added.
RCom confirmed in May that it is working on a plan to monetise its tower assets with a view to reducing its debt burden.
The telco had indicated that it aimed to sell a controlling 51% stake in Infratel.
Late last month Reuters cited unnamed sources as saying that the sale had attracted interest from private equity firms Blackstone, The Carlyle Group, and Providence Eq uity Partners, as well as from infrastructure players Bharti Infratel and American Tower.
The newswire added that RCom values Reliance Infratel, with its 45,000 mobile masts, at around US$4 billion.
RCom itself has not commented on price. However, it said the proceeds of the sale will reduce its gross debt during the current financial year, which runs to the end of March next year.
"The due diligence process has now commenced," RCom said on Monday, adding that it will make further announcements when appropriate.
