Debt-laden telecom major Reliance Communications is looking at monetising its tower and fiber assets this fiscal to reduce debt and has appointed investment bankers for the purpose.
The move will help the Anil Ambani-led firm substantially reduce the company's overall debt of about Rs 37,000 crore.
"The company keeps exploring and analysing various strategic alternatives. As one of such alternatives, it has invited certain Investment Banks to make proposals for running a process to monetise the valuable tower and fiber assets held in its subsidiary, Reliance Infratel Ltd, within the current financial year," it said in a filing to the BSE.
It added that the company will make further disclosures as and when these developments lead to a "disclosable event".
Reliance Infratel operates about 45,200 towers and has 1,20,000 kms of intra and inter-city fibre laid out.
The company has been looking to sell stake in Reliance Infratel, which competes with the likes of Indus Towers and Bharti Infratel.
According to sources, the company has approached 6-7 bankers and a decision is likely to be taken in the next two weeks.
RCom owns about 96 per cent stake in Reliance Infratel, while the remaining is held by George Soros' Quantum (M), NSR Partners, Galleon, HSBC Daisy Investment ( Mauritius), Drawbridge Towers, Investment Partners B (Mauritius).
The company's debt currently stands at about Rs 37,000 crore, after paying the Rs 1,100-crore upfront fee following the spectrum auctions in March.
