Reliance Com to sell tower unit for $5 bn?

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 for the sale 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.

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