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By Bloomberg

Reliance Communications Ltd.’s sale of Indian wireless infrastructure assets has drawn interest from companies including American Tower Corp., people with knowledge of the matter said.

Reliance Communications, controlled by billionaire Anil Ambani, is in talks to sell a majority stake in tower unit Reliance Infratel Ltd., three of the people said. The Mumbai- based business could fetch a valuation of about 200 billion rupees ($3.1 billion) including debt, two people said, asking not to be identified as the information is private.

The sale would help India’s fourth-largest wireless operator by subscribers cut total debt that stood at 386.9 billion rupees at the end of December, compared with 373.8 billion rupees in March 2011, company filings show. Reliance Communications said this month it has asked for investment bank proposals on a plan to “monetize” Reliance Infratel’s tower and fiber assets during the financial year ended March 2016.

ATC has more than 13,000 towers in India, according to its website. The Boston-based company is building about 100 towers monthly in the country and will consider acquisitions that “make sense,” Chief Financial Officer Tom Bartlett said at a conference this week.

Discussions are at an early stage and there’s no guarantee an agreement will be reached, the people said. Rajeev Narayan, a spokesman for Reliance Communications, didn’t immediately reply to an e-mail seeking comment. Matthew Peterson, a representative for ATC, declined to comment.

Reliance Infratel has 43,379 towers across India, according to a February presentation. In 2013, it agreed to share its towers with Reliance Industries Ltd., led by Anil Ambani’s billionaire brother Mukesh, in a deal valued at about 120 billion rupees.