Reliance Infratel, with some 45,000 towers and over 120,000 km of intra- and inter-circle fibre, trails Indus Towers and Bharti Infratel in rankings by number of towers. Bharti Infratel, the only listed company in the space, has close to 86,000 towers and was valued at about Rs 74,000 crore as of March 5, as per data on the BSE. "Taking Bharti Infratel's valuation as a benchmark and putting in all performance and other parameters in place, Reliance Infratel's enterprise value would be at least Rs 20,000-25,000 crore, especially given the fact that the company has the largest fibre network in place," one of the people said. RCom intends to select a banker in the next two weeks and complete the sale process in 2015, the person said. "In case of an outright sale, RCom will continue as a tenant in the company with new owners," the person said. Reliance Communications declined to comment. Reliance Infratel is 96% owned by RCom.