A hoped-for IPO of its telecoms tower unit failed to take off and a planned sale of the business has dragged on for nearly two years, forcing Reliance to tap the debt market again. A day after Reliance Communications announced it to repay overseas convertible bonds due for redemption in March, sources with direct knowledge of the matter said on Wednesday the company is looking to list the undersea cable unit as a business trust. Reliance Communications plans to sell 75 percent of the wholly-owned unit, one of the two sources said, while the other source said a listing could happen between July and September and that the company hoped to raise at least $1 billion. Deutsche Bank is arranging the planned share sale, said the sources, who did not want to be identified as the plans are not yet public. Bitter Memory Any IPO from Anil Ambani's group must overcome the legacy of Reliance Power, which went public in early 2008 in a $2.9 billion IPO - then India's biggest - but never rose above its issue price.