Reliance Communications Ltd. said Friday it is in talks to sell a stake in its wholesale telecommunications unit Reliance Globalcom B.V. to Bahrain Telecommunications Co. BSC.

"At this point, there can be no certainty that this will lead to a transaction. A further announcement will be made in due course if appropriate," the telecom venture of Anil Ambani's Reliance Group said in a notice to the Indian stock exchanges.

The development comes months after Reliance Communications shelved plans for a proposed Singapore listing for its unit, Flag Telecom Group Ltd., citing unfavorable market conditions.

Flag Telecom manages Reliance Globalcom's undersea cable networks across the world.

Reliance Communications is in dire need of cash to help repay loans of over $6 billion that it had taken mainly to buy bandwidth to offer third-generation telecom services in 2010. The company has since then tried unsuccessfully to sell its own stakes as well as stakes in some units, including its telecom tower operations.

If a deal goes through, it will be Bahrain Telecommunications' second foray into India's telecom industry, after the company's earlier venture lost all of its six permits to offer mobile telephone services due to a top court order last year.

The Supreme Court of India in February 2012 had ordered the cancellation of about 122 telecom licenses given in 2008, citing corruption in their allotments.

Batelco's then-partner, S Tel Pvt. Ltd, lost all of its six permits due to the Supreme Court order, and has since shut shop in the world's second-largest market for telecommunications services.

After exiting the Indian market, Batelco had said it would look at buying a stake in an existing telecom company in India.

Executives at Batelco didn't immediately respond to an email from The Wall Street Journal for comments on the development.