According to the Financial Times, Reliance Communications now has two bids in hand for different parts of its remaining telecommunications business, which includes Global Cloud Xchange's global subsea network as well as Indian data center and fixed line network assets.  Both bidders are from the private equity community.

I Squared Capital has been said to be most interested in the Indian data center and fixed-line assets. Their plan would be to combine those with the HGC assets they bought last year from Hutchison to create a regional power in south and east Asia.