March 11, 2013 / 10:47 IST
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. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
