AT&T may buy stake in Reliance Jio: report

AT&T is considering buying a 25% stake for $3.5 bn

AT&T Inc is considering buying a 25% stake in Reliance Jio Infocomm Ltd, a telecommunications venture controlled by billionaire Mukesh Ambani, for $3.5 billion, a national 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.