Indian mobile phone carrier Reliance Communications Ltd is set to launch as early as Tuesday an up to $500 million share sale to institutional investors, people directly involved in the deal said.

Reliance Communications, headed by billionaire Anil Ambani, had as of end-March a net debt of 401.78 billion rupees ($6.7 billion), or more than five times its operating profit, making it the most-leveraged among listed Indian carriers.

In what will extend the telecom alliance between the two brothers beyond infrastructure-sharing, Anil Ambani-promoted Reliance Communications (RCom) is tying up with Mukesh Ambani’s Reliance Jio for a pan-India intra-circle agreement, straddling the 800-MHz and 2,100-MHz bands.

Currently, their alliance is restricted to sharing towers and fibre-optic network.

Mumbai: Reliance Communications Ltd (R-Com), India’s fourth-largest telecom services provider, said on Wednesday that it had expanded its 3G footprint to five new circles in India—Karnataka, Andhra Pradesh, Tamil Nadu, Kerala and Uttar Pradesh (East).

This takes its 3G presence to 18 circles.

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