Mumbai, April 9 -- The owners of ACT Fibernet have decided to sell the company for around $1 billion, three people familiar with the development said, five years after a failed deal to sell the broadband internet provider.

Private equity firms True North and TA Associates have appointed investment banks Nomura and Ambit Capital to find potential buyers for Atria Convergence Technologies Ltd, which provides ACT Fibernet internet services in more than 30 cities, the people cited above said on the condition of anonymity. The two PE firms jointly hold 94.66% in ACT Fibernet, according to CareEdge Ratings.

"The investors have been around for more than a decade," one of the three people said, adding that they have appointed banks for the deal...