Reliance Is Seeking U.S. Mobile-Phone Content Companies to Buy, WSJ Says
India's Reliance ADA Group is seeking to buy U.S. companies that make mobile-phone content such as games and ring tones, the Wall Street Journal reported.
Reliance wants to expand into the U.S. wireless market and mobile games will be its main interest in the short term, the WSJ said on its Web site, citing Rajesh Sawhney, president of Reliance Entertainment.
Reliance declined to identify specific companies or whether it approached any potential targets, according to the report. It has hired consulting firm VSC Consulting to explore possible acquisitions, the WSJ said.
Reliance ADA, controlled by Indian billionaire Anil Ambani, is the parent of Reliance Communications Ltd., India's second- largest mobile-phone operator, and Reliance Infrastructure Ltd., the nation's third-largest utility.
Source:Bloomberg