US telecom giant AT&T Inc (NYSE:T) is considering acquiring a 25% interest in Indian mogul Mukesh Ambani’s telecom venture Reliance Jio Infocomm Ltd for USD3.5bn (EUR2.7bn), the Times of India reported.
If the deal goes through, it would represent the biggest foreign direct investment in the country, the paper noted.
A spokesman for the US company did not wish to comment on the report, when reached by Reuters.
Reliance Jio Infocomm, which was recently renamed from Infotel Broadband Services Ltd, is a development-stage company, aiming to provide broadband services leveraging WI-MAX as access technology. The firm is part Ambani-controlled conglomerate Reliance Industries Ltd (BOM:500325).