Rumours last month indicated the companies had already begun talks over the deal but they remained unconfirmed.
According to sources close to the matter, RCom is looking to retain a 20% stake in the company for the first year after the sale, before having the option to completely sell off the business.
Reportedly, this step would only be taken to ensure the continuity of its network operations centre in Navi Mumbai.
Batelco and its group of consortium are reportedly aiming for May to put the deal in place.
Reliance Group executives declined to comment.
