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The sun rises behind a communications tower in New Delhi March 20, 2006. Credit: Reuters
AT and T Inc(T.N) is considering buying a 25 percent stake in Reliance Jio Infocomm Ltd, a telecommunications venture controlled by billionaire Mukesh Ambani, for $3.5 billion, a 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), 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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