Reliance Communications (RCOM) is in talks with banks to raise $6 billion for its planned deal with MTN. Reliance has approached Deutsche Bank, HSBC and Barclays, and may propose a special purpose vehicle (SPV) for the deal.

As the 45-day exclusivity agreement comes to an end on 7 July, Reliance is looking at various options to clinch the deal. RCOM is likely to pledge MTN shares to raise the funds and also provide assurance to the banks, reported the Economic Times

The exclusivity period may be extended, as the deal is unlikely to be finalised by 7 July. Other partners involved in the deal can also pick up equity in the SPV. RCOM is believed to be discussing its options with a sovereign wealth fund in the Middle East and other private equity players. X

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