Telecom group Vimpelcom said that it hired UBS to oversee the sale of its Canadian unit Wind Mobile, which is being valued between $500 million and $1 billion, according to Canada's The Globe and Mail newspaper.

Vimpelcom is making a review of the portfolio of its assets and focuses on profitable businesses as it boosts cashflow and takes efforts to minimize its daunting debts.

The Canadian newspaper said that AAL Corp., the holding company of Wind's chief executive officer Anthony Lacavera, was making a partnership with investment firm Accelero Capital to consider a bid for the unit's sale.

On the other hand, Egypt's Orascom Telecom revealed in January this year that it is planning to increase its stake in Wind Mobile to take majority control.

Vimpelcom declined to comment on the matter.