AT&T mulls taking 25 % stake in Mukesh Ambani’s Jia infocomm for $3.5 bn: report
11 Mar 2013
AT&T Inc, the largest carrier in the US, is weighing buying a 25-per cent stake in Mukesh Ambani's telecommunications venture Reliance Jio Infocomm Ltd (RJIL), for $3.5 billion., the Times of India reported over the weekend without disclosing its source.
If the deal materialises, it would be AT&T's first investment in an overseas joint venture.
The report added, it would also be the largest foreign direct investment in India and would value the yet-to-start RJIL at $14 billion.
In late January, Reliance Industries Ltd renamed 'Infotel Broadband Services Limited' to 'Reliance Jio Infocomm Limited' after it acquired Infotel Broadband.
RJIL holds wireless broadband spectrum in all 22 circles for which it paid Rs12,847.77 crore through an auction in 2010, and later paid another Rs1,658 crore for offering phone calls services.
Last month the Telecom Commission had approved the telecom ministry's recommendation to allow ISPs who hold 4G spectrum to offer phone call services by paying a fee of Rs1,658 crore.
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