New Delhi: Anil Ambani group firm Reliance Communication Ltd is all set for its bid to acquire Hutch-Essar, India's third largest private cellular operator.
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.
The company has mandated UBS as its advisor for raising debt and resources.
According to sources Reliance Communication (RCL) may raise an additional $4-5 billion from the market for the bid.
RCL is interested to retain up to 80 per cent in Hutch-Essar, which it is seeking to acquire along with four global private equity players.
Reliance Communications has evinced interest in acquiring the entire joint venture and not merely 67 per cent stake held by Hutchison Telecom International Limited.
On Thursday, RCL concluded borrowing of $1 billion from the international market. The company has cash reserves of more than $1.7 billion.
However, RCL officials declined to comment on the development.
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