Quoting people familiar with the situation, Financial Times said that PE groups have expressed interest in supporting Ambani's plan to swap all or most of his majority stake in RCom for up to 34.9 per cent of MTN.

These are people who are all interested in telecoms and emerging markets, therefore this deal is an obvious place for them to invest, the report said quoting a person familiar with the potential tie-up.

Last month, the two firms had entered into exclusive talks for a possible merger. According to the report in the online edition of the newspaper, it was not clear whether Ambani would form a partnership with one of the PE firms or what role they might play.

The PE groups might invest in MTN along with Ambani or provide some form of financial support for the deal, Financial Times said.

Pointing out that Ambani did not need significant sums of money as the deal would mostly be funded through the share swap, the report said he might consider involving a private equity firm that shared his vision to help forge a long-term partnership to pursue future opportunities.

The report said MTN is being advised by Merrill Lynch and Deutsch Bank and RCom by Lehman Brothers and Lazard.

Ambani is also being advised by Deutsch Bank on his proposed financing for the acquisition, the newspaper noted.