U.S. telecommunications giant AT&T (NYSE:T) is exploring the purchase of a 25% stake in Reliance Jio Infocomm in what could become the largest direct overseas investment in an India-based company.
Reliance is controlled by billionaire Mukesh Ambani, reportedly the wealthiest man in India. AT&T could pay as much as $3.5 billion for its stake in Reliance, which would put the company’s market value at $14 billion, the Times of India notes.
In the U.S., BlackBerry‘s (NASDAQ:BBRY) latest smartphone, the Z10, which runs its new BB10 operating system will hit AT&T stores on March 22. BlackBerry generates about 20% of its annual revenue in the U.S.
Shares of AT&T slipped fractionally in Monday pre-market trading.