Anil Ambani?s Reliance Communications (RCom) plans to raise as much as $1.5 billion through a Singapore listing of its submarine cable assets.

The telecommunications company may sell 75% of FLAG Telecom in the first half of this year in an initial public offering and is seeking a valuation of up to $2 billion.

FLAG Telecom would be listed as a so-called business trust. At $1.5 billion, the FLAG Telecom IPO would be Singapore?s biggest since March 2011, according to data compiled by Bloomberg.

RCom, which on Tuesday said it would borrow $1.8 billion from a group of Chinese banks, plans to use proceeds from the FLAG Telecom sale to repay debt.

Ambani said in September that he?s in advanced stages of selling a stake in Reliance?s mobile-phone tower company.

Carlyle Group and Blackstone Group are among companies that are in talks to invest in the unit, called Reliance Infratel.

?RCom continually works on various options to unlock value from its unique combination of global telecom assets for the benefit of its shareholders,? the company?s Mumbai-based spokesman Rohit Khanna said in an e-mailed statement, without commenting on the IPO.

A Deutsche bank spokeswoman in Singapore declined comment.

RCom, whose mobile phone unit is India?s second-largest by subscribers, in 2003 acquired the FLAG undersea cable network for $207 million.

The business is now part of its Reliance Globalcom unit. Reliance Globalcom owns the world?s largest private undersea cable system spanning 65,000 km, according to its website.

In December 2009, sources had told Reuters that RCom hoped to raise around $3 billion by selling the undersea cable business. It found no takers.

The company, which had net debt of about $6.5 billion as of end-September 2011, has also been trying to sell its telecom tower business in India to raise funds.

RCom is the flagship company of Anil Ambani-led Reliance Group.

The group has a networth in excess of R89,000 crore, cash flows of R10,900 crore and net profit of R3,600 crore.

Shares in Reliance Communications slipped 0.28% to R88.60 in Mumbai after rising as much as 3.3% earlier. The stock has slumped 90% in four years.

The shares had closed 2.8% higher on Tuesday after the company announced the loan deal.