Reliance Communications (RCOM) is believed to have asked UBS to find a buyer for its stake in Reliance Infratel, for around $5 billion. Further, UBS has allegedly approached American Towers, Crown Castle International, Viom Networks, UAE?s Etisalat and private-equity firms Carlyle, Apax Partners and Blackstone for the same.

It is believed that potential bidders have commented that RCOM?s valuation of the stake is at least a billion dollars too high.

Currently, the operator?s debt is around Rs 330 billion.

Prior to this, Syed Safawi, president, wireless business, RCOM had told analysts in an earnings call that the interested parties are conducting due diligence on its tower assets and the company expects to conclude a transaction in the next few months.

This is not RCOM?s first attempt to sell its tower business. In June 2010, the operator had announced an agreement with GTL Infrastructure for the sale of its towers, but three months later, GTL withdrew from the deal.