AT&T to Buy 25% of Reliance Jio?

AT&T reportedly plans to buy about 25 percent of Reliance Jio Infocomm Ltd. for $3.5 billion, the Times of India reports.  If so, the AT&T investment might be the biggest foreign investment ever made in India, Bloomberg says. 

If true, the deal could signify both AT&T's interest in one of the biggest global markets, but also an indicator that future prospects in its home market might not be so compelling, compared to moves offshore. 

The firm has ambitions to become the number one in India telecom market. 

The Indian company is the nation's second-largest wireless carrier with 105 million subscribers and a market capitalization around $7.4 billion.