Reliance Communications [Get Quote] is in advanced negotiations with three top US-based telecom tower companies for divesting a strategic 26 per cent equity stake in Reliance Telecom Infrastructure.

The companies include Crown Castle International, Global Tower Partners and American Tower Corporation.

Last week, Reliance had placed 5 per cent equity in its tower infrastructure to leading institutional investors at Rs 1,400 crore (Rs 14 billion). At that price, RTIL is valued at $6.75 billion (Rs 27,000 crore).

On the basis of this valuation, a strategic partner has to shell out over Rs 7,000 crore (Rs 70 billion) for the 26 per cent equity stake.

A Reliance Communications spokesperson, however, declined to comment on the issue.

Crown Castle owns over 24,000 telecom towers in the US and covers over 91 of the top-100 US markets. It has an array of clients, which include AT&T, Sprint Nextel and Verizon, which use its tower infrastructure. The company also has operations in Australia.

Global Tower Partners, which was earlier owned by private equity player Blackstone, was bought over recently by a consortium lead by Macquarie Infrastructure Partners.

The US company controls over 2,500 towers and around 4,600 rooftop sites across 48 US states. It also has operations in Puerto Rico.

ATC, on the other hand, controls over 20,000 mobile towers in the US in over 49 states. It also has operations in Brazil and Mexico, where it operates over 2,500 towers.

ATC Chairman and President James Taiclet is coming to India this week and is expected to meet Reliance Communications Chairman Anil Ambani. The company has already got permission from the government to set up a 100 per cent subsidiary in India.

Reliance is going through a massive expansion in its tower infrastructure and hopes to hit the 37,000 mark by the end of this financial year.

The company will be adding over 23,000 towers in the next few months to expand its network across the country. Apart from Reliance, even Bharti as well as the Essar group have set up separate tower infrastructure companies.