As per sources, it has been found out that Reliance Communications Ltd. is in informal talk with the U.S. telecom giant AT&T Inc. The Indian telecom major and AT&T are discussing about each other’s potential transaction issues.

It is expected that the American company may go for a minority stake in the Indian cellphone company. If such deal happens then it will be a huge success for the Indian company.

However, there has not been any formal announcement of such deal from both the parties. The advisers and officials of both the companies are in touch with each other to finalize certain issues after exploring ideas.   

Anil Ambani’s Reliance Communications Ltd. has said that its board has approved the sale of equity stake in the firm. Earlier it has proposed to sale up to a 26% equity stake in order to raise cash. This cash is going to be utilized in debt reduction and network up gradation. Reliance Communications Ltd. is country’s second largest wireless carrier. It is having a huge subscriber base and market capitalization.