Billionaire Anil Ambani's Reliance Communications 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, including Blackstone and UAE's Etisalat, asking for $5 billion for the stake, three sources with direct knowledge said.
Potential bidders have said Reliance's valuation of the stake is at least a billion dollars too high, two of the sources said, adding that the process was still in a very early stage.
UBS has reached out to U.S. companies American Tower and Crown Castle International, India's Viom Networks and UAE's Etisalat , said the sources, who declined to be identified because the process is not public yet.
The bank has also reached out to private-equity firms Carlyle, Apax Partners and Blackstone, the sources said.
UBS declined to comment. Reliance Comm was not immediately available for comment.
(Reporting By Jui Chakravorty and Indulal P.M.; Additional reporting by Devidutta Tripathy and Sumeet Chatterjee; Editing by Aradhana Aravindan)