AT&T may buy stake in Indian telecom venture: Times of India

Sat Mar 9, 2013 3:05pm EST

An At&T logo is seen atop a store in Beverly Hills, California August 31, 2011. REUTERS/Danny Moloshok

An At&T logo is seen atop a store in Beverly Hills, California August 31, 2011.

Credit: Reuters/Danny Moloshok

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(Reuters) - AT&T Inc (T.N) 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), 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)

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