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AT&T may buy stake in Reliance Jio: report

Source : REUTERS
Last Updated: Sun, Mar 10, 2013 06:04 hrs
The sun rises behind a communications tower in New Delhi

AT&T Inc is considering buying a 25 percent stake in Reliance Jio Infocomm Ltd, a telecommunications venture controlled by billionaire Mukesh Ambani, for $3.5 billion, the Times of India newspaper reported.

Such a deal would represent the largest foreign direct investment in India and would value the company at $14 billion, the report said.

A spokesman for AT&T declined to comment on the report.

Ambani, who controls conglomerate Reliance Industries Ltd , is India's richest man. The telecommunications venture aims to break even within three years of its launch, according to the report.

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