Blackstone and Carlyle Group have signed a term sheet with Reliance Comm to buy a stake of up to 95% in Reliance Infratel Limited.

The PE firms have valued the Reliance Infratel at R15000-20000Cr.

Reliance Comm holds 95% stake in the company with 50,000 towers across the country.

Last June, it was talking to GTL Infrastructure for a stake sale in the tower business but the deal stalled due to valuation differences. In 2009, Reliance Infratel, filed papers for an IPO to raise up to $1 billion. Following Reliance Communication's agreement with GTL, the IPO plan was called off.

In 2007, RCom sold 5% in the company for R1.2Cr to sundry investors. Reliance Communication has been trying to raise funds by selling assets to cut its debt load - $6.5Bn as of September'11.

It is also exploring possibilities of a Singapore listing for its company Flag Telecom, which owns 65,000 kms of submarine cable assets across the world. The plan is to raise R7500Cr by selling 75% stake in the company.

With this two deals, RCom would be able to wipe out R22500-27500Cr of leverage from its books.

Recently, RComm has tied up with Industrial and Commercial Bank of China Ltd (ICBC), China Development Bank Corporation (CDB), Export Import Bank of China(EXIM) and other Banks for refinancing for redemption of outstanding FCCBs of $1.18 Bn (R6125Cr).

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