India's second-biggest telecoms carrier by customers, Reliance Communications (RCOM) might consider selling a stake in its cellular tower division next year in order to replay some of its debt, according to chairman Anil Ambani.

The billionaire businessman also said that the company will also try to get its undersea cable unit listed in Singapore after the market conditions improve over the coming months. The company had to delay a planned Initial Public offering (IPO) of a unit on the Singapore stock exchange due to weak market response.

According to some reports, Private equity firms Blackstone and Carlyle, which were believed to be in the final stages of discussions to acquire the unit, have now cancelled the deal. Reliance Communications is aiming to sell the 95% stake in its Reliance Infratel tower unit.

Anil Ambani-led Reliance Communications has been trying to reduce debts by raising funds through sale of assets. RCom had a total net debt of $6.4 billion as of June and it is aiming to reduce the level by offloading stakes and raising money in the capital markets. Reliance Infratel, which has around 50,000 towers, will now engage in a fresh round of discussions with investors.