Billionaire Anil Ambani’s Reliance Communications (RCom) has hired UBS to sell its 95-percent stake in tower unit Reliance Infratel and has reached out to several strategic and private-equity firms, asking for $5 billion for the stake, three sources with direct knowledge said.
Potential bidders have expressed concern about debt-laden Reliance’s valuation being at least a billion dollars too high, two of the sources said, adding that the process was still at a very early stage.