The Financial Times has said in a news report that U.S. private equity groups Blackstone and Carlyle are currently talking with Indian telecom giants Reliance Communications.

The two groups are planning to invest as much as USD 1 billion in a new unit, which would work on telecoms tower business for Reliance.

This new entity is rumored to be called TowerCo and it might also receive investments from Singapore state investment agency Temasek and American Tower.

The report also said that Reliance is spinning off its wireless tower business to separate the heavy cost of building telecoms infrastructure from the parent company.