Reliance Communications (RCL) has received commitments of $2 billion from four global private equity majors  --  Kohlberg Kravis Roberts & Co (KKR), Blackstone Group, Carlyle Group and Apax Partners --  for its proposed acquisition of Hutch-Essar.

In return, the global companies have sought 10-12 per cent stake in Hutch-Essar, if RCL wins the bid.

RCL has commitments from banks for providing the remaining $15 billion, sources close to the development told Business Standard.

RCL is also believed to have received financial commitments of $15 billion from global bankers. The total $17 billion ($15 billion from bankers and $2 billion from PE companies) would help the company acquire Hutch-Essar, the enterprise value of which is hovering around $17.5 billion.

An RCL spokesperson declined to comment, but added that the company was in talks with a host of private equity players.

However, RCL has not committed to any of the private equity majors and is believed to be evaluating the offer. The Indian company is expected to take a decision after it submits its expression of interest (EoI) with Hong Kong-based billionaire Li Ka-shing.

Li Ka-shing had put his 67 per cent stake in GSM provider Hutch-Essar, which he holds through a subsidiary company, Hutchison Telecommunications International (HTIL).

The remaining 33 per cent is held by Essar group, owned by the Ruias. RCL is yet to place a formal expression of interest (EoI) with HTIL and is expected to make a bid after Makar Sankranti that falls on January 14.

It was also in discussions with American billionaire and financier George Soros, who manages over $21 billion of funds, and the New York-based Warburg Pincus for raising equity for the acquisition.

The company had also initiated talks with the Texas Pacific group (TPG) and Temasek for funds. A host of banks and a couple of buyout funds had also committed to provide funding, if the deal were to go through.

According to a report by Man Financial, RCL may raise $7 billion as debt, while the remaining would be financed through equity issuance to the deal partners.

The brokerage and analysis firm had also stated that the deal is likely to be financed through a combination of debt and equity.