AT&T could be looking to buy a 25 percent stake in the yet-to-launch Indian telecom Reliance Jio for $3.5 billion, which would be the largest ever foreign direct investment in the country.
The Times of India reports the investment would value Reliance Jio at $14 billion. The company is hoping to launch voice and data services in India later this year, with plans to cover more than 800 cities in India by early 2015.
AT&T declined to comment on the potential deal.
Reliance Jio is the $10 billion telecom venture of Mukesh Ambani, chairman at Reliance Industries.
According to a Zinnov report, wireless subscribers in India neared one billion in 2012, a figure that’s tripled since 2008. Bharti claims the bulk of the subscribers. Reliance Jio hopes to claim the top spot within three years while also breaking even by the end of those three years.