India's Reliance Communications is reportedly in talks over the sale of its remaining telecoms assets, which would mark an exit of parent company Reliance Group from the telecoms sector.
The company has secured bids from potential buyers including I Squared Capital and a consortium of VC companies TPG, Blackstone and Varde, the Financial Timesreported, citing unnamed sources involved in the deal.
Assets that could be up for sale include RCom's global subsea cable network, fixed line assets and data centers. Both bids value the assets at around $1.1 billion, the report states.
In a bid to avoid insolvency proceedings, RCom has already arranged to sell its wireless assets to Reliance Jio Infocomm in a drastic debt reduction plan.
The sale had been delayed due to insolvency proceedings filed by Ericsson over unpaid dues, but RCom announced earlier this month that it has secured court approval to proceed with the sale after reaching a roughly $80 million settlement agreement with Ericsson.
RCom was once the flagship of Indian tycoon Anil Ambani's Reliance Group, and the second largest operator in the market.
But the company, already burdened with high debts accrued from spectrum costs, struggled to compete with the explosive entry into the Indian telecoms sector of Reliance Jio, the company established by Ambani's brother Mukesh's Reliance Industries.