AT&T may buy stake in Indian telecom venture: Times of India

Sat Mar 9, 2013 3:05pm EST
 
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(Reuters) - AT&T Inc (T.N: Quote) is considering buying a 25 percent stake in India's 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 (RELI.NS: Quote), is India's richest man. The telecommunications venture aims to break even within three years of its launch, according to the report.

(Reporting By Susan Kelly; editing by Gunna Dickson)

 
An At&T logo is seen atop a store in Beverly Hills, California August 31, 2011. REUTERS/Danny Moloshok