A consortium led by Bahrain Telecommunications Company (Batelco) is set to acquire  Indian mobile phone company Reliance Communication's (RCom) 80 percent stake in its subsidiary for $1.1 billion.

According to reports,  RCom planned to sell its 80 percent stake in its telecom subsidiary Reliance Globalcom to raise funds to reduce its debt estimated at $6.7 billion.

The remaining 20 percent stake will be retained by RCom, but the option to sell is available, the report said. The Batelco-led consortium, which includes private equity firms, is expected to close the deal by the end of May.

RCom would retain a 20 percent stake in Reliance Globalcom initially but has the option to sell that as well, the report said, adding the deal could be closed by May-end.