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Billionaire Anil Ambani's Reliance Communications has hired UBS to sell its 95 per cent stake in tower unit Reliance Infratel and has reached out to several strategic and private-equity firms, including Blackstone and UAE's Etisalat, asking for $5 billion for the stake, three sources with direct knowledge said.

Potential bidders have said Reliance's valuation of the stake is at least a billion dollars too high, two of the sources said, adding that the process was still in a very early stage.

UBS has reached out to US companies American Tower and Crown Castle International, India's Viom Networks and UAE's Etisalat, said the sources, who declined to be identified because the process is not public yet.

The bank has also reached out to private-equity firms Carlyle, Apax Partners and Blackstone, the sources said.

UBS declined to comment. Reliance Comm was not immediately available for comment.

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