India-based telecommunications company Reliance Communications Ltd said that the company is in discussion for the sale of a portion of the company's stake with potential partners. Reliance Chairman Anil Ambani told shareholders that talks are already underway to sell a stake in one of its units. The sale would include the telecommunications firm's undersea cable assets. Ambani, however, did not name who the potential partners were.

In April this year, Reliance Communications already said that it has been talking with a private equity buyout group for the sale of its stake. The consortium was said to include Samena Capital. Prior to this, talks of the stake sale between Reliance Communications and Bahrain Telecommunications Co had failed.

Reliance is India's third largest mobile phone operators by the number of its users. Its operating units include the wireless segment division which offers telecommunications services nationwide. It also has the Global and Enterprise segment that provides long distance, video and data network services and IT infrastructure. Its home segment also offers Direct-to-Home digital television services.