AT&T may buy stake in Indian telecom venture: Times of India
(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)
© Thomson Reuters 2017 All rights reserved.