Reliance Communications (RCOM) is reportedly in talks with CITIC Telecom to sell about 80 per cent stake in its undersea cable business, Global Cloud Xchange (GCX).

CITIC had earlier pulled out of the deal because of valuation concerns about the business.  At present, both the companies are negotiating the valuation and it is expected that the same could be around Rs 40 billion to Rs 50 billion.

RCOM is also planning to sell its stake in the tower and DTH business. For the tower business, only ATC has expressed interest while the other private equity players have backed out. As far as DTH business is concerned, the company does not plan to fully exit it and has hence invited players to buy around 50-60 per cent of the business. Companies can submit their bids for the same by September 2015.