Global Infrastructure Partners is exploring a potential takeover of Tower Vision India Pvt, an independent telecom infrastructure provider in India, people familiar with the matter said.

The private equity firm has been funding a potential deal that could value Tower Vision India at around $300 million to $400 million, said the people familiar with the matter.

GIP owns a substantial stake in Indian Towers owner Ascend Telecom Infrastructure Pvt. Deliberations are ongoing, and GIP may decide against a deal, according to people familiar with the matter.

Founded in 2006, Tower Vision operates about 9,000 towers in India, according to its website. The company serves telecom operators, including Bharti Airtel Ltd and Reliance Jio Infocomm Ltd.