Anil Ambani group firm Reliance Communication (Rel Comm) is believed to have tied up resources for its bid to acquire Hutch-Essar, India's third largest private cellular operator, collectively with global equity players.The company is understood to have mandated UBS as its advisor for raising debt and resources, investment banking sources said, adding if needed, RelComm may raise an additional $4-5 billion from the market.According to sources, Rel Comm would want to retain up to 80% in Hutch-Essar, which it is seeking to acquire along with four global private equity players.Rel Comm has evinced interest in acquiring the entire joint venture and not merely 67% stake held by Hutchison Telecom International (HTIL) . In other words, the success would hinge on Indian promoter Essar's consent to sell its 33% share.Rel Comm had yesterday concluded borrowing of $1 billion from the international market. According to its latest financial statement, the company has cash reserves of more than $1.7 billion.The company is in talks with four global private equity funds - Blackstone, Texas Pacific Group, Carlyle and Kohlberg Kravis Robert and Co (KKR) - to make a bid for Hutch-Essar.When contacted, Rel Comm officials declined to comment on the development, while other players could not be contacted.
