MUMBAI (Reuters) - Reliance Communications Ltd said on Wednesday it had invited proposals from investment banks to monetise assets of the company's tower unit, Reliance Infratel, within the year ending March 2016.
The country's No. 4 telecom operator, which had a net debt burden of close to $6 billion at the end of 2014, has been looking to divest assets to reduce debt levels and focus on its core business.
The Economic Times had reported earlier that the company, controlled by billionaire Anil Ambani, was looking to sell a majority stake in Reliance Infratel at a valuation of up to 250 billion rupees ($3.94 billion).
($1 = 63.3877 rupees)
(Reporting by Aman Shah in Mumbai; Editing by Anand Basu)
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