Reliance Communications reported a 61 per cent fall in quarterly profit -- its 10th straight quarter of declining earnings, but in line with market estimates -- as the country's second-biggest mobile phone operator by subscribers struggles under a heavy debt load.
Reliance Comm, which last month secured $1.18 billion loans from Chinese state banks to repay maturing foreign bonds, has long been trying to sell assets to cut its debt -- $6.5 billion as of September -- but has so far had little success.
The company, controlled by billionaire Ambani, competes with 14 other carriers in the ferociously-competitive Indian market. It is reported to be in talks with U.S. buyout giants Blackstone and Carlyle on selling its telecoms tower arm in a deal that could be worth more than $3 billion.
Sources have cautioned that a deal is not yet close to completion, and a history of unsuccessful deal-making has made investors sceptical.
Reliance is also looking to raise up to $1.5 billion in a Singapore listing of its undersea cable business, sources said last month.
The company said consolidated net profit fell to 1.86 billion rupees ($38 million) for its fiscal third quarter ended December, from 4.80 billion rupees a year earlier.
Reliance Comm, which last month secured $1.18 billion loans from Chinese state banks to repay maturing foreign bonds, has long been trying to sell assets to cut its debt -- $6.5 billion as of September -- but has so far had little success.
The company, controlled by billionaire Ambani, competes with 14 other carriers in the ferociously-competitive Indian market. It is reported to be in talks with U.S. buyout giants Blackstone and Carlyle on selling its telecoms tower arm in a deal that could be worth more than $3 billion.
Sources have cautioned that a deal is not yet close to completion, and a history of unsuccessful deal-making has made investors sceptical.
Reliance is also looking to raise up to $1.5 billion in a Singapore listing of its undersea cable business, sources said last month.
The company said consolidated net profit fell to 1.86 billion rupees ($38 million) for its fiscal third quarter ended December, from 4.80 billion rupees a year earlier.
