Vodafone Idea, which was formed by the merger of Vodafone Group Plcs local unit with tycoon Kumar Mangalam Birlas Idea Cellular Ltd has reported losses in every quarter since the deal was announced in 2017.
Vodafone Idea tops the list of Asian peers with highest borrowings.
Vodafone Idea Ltd has hired Bank of America Corp and Morgan Stanley to help to sell its fiber assets to strengthen its finances after huge losses. The unit has about 158,000 kilometers (98,177 miles) of fiber.
The bankers will discuss the deal for sale of the stake with potential buyers for the fibre assets. The valuation for the stake could be valued at as much as Rs 130 billion ($1.9 billion).
Once the deal is finalized and successful, it would help the phone-service provider add to the funds it has been raising to pare debt and give a push away to rivals Airtel and Jio Infocom.
However, a final decision is yet to be made on the valuation and sales.