Reliance Industries Chairman Mukesh Ambani announced that the company will be paying $1 billion to acquire 95% of Infotel Broadband Services Pvt. Ltd.  Infotel just won the rights to high-value radio spectrum in a government auction.

A&T and Reliance Communications Ltd. are in talks for potential equity transaction.  The transaction would involve AT&T buying a 26% minority stake in Reliance.  However the discussion is at very early stages.

Vodafone subsidiary in India, Vodafone Essar Ltd. has hit 100 million subscribers.  Vodafone is the third telecommunications company in India to hit this milestone.  The first two are Bharti Airtel Ltd. and Reliance Communications Ltd.  Vodafone also submitted bids to participate in an auction for 3G mobile services this past Friday. [WSJ]

Reliance has bought a 50% equity stake in U.K. game development company Codemasters. Balderton Capital joined in on the investment as well. Reliance’s gaming division Zapak will oversee the investment.

Codemasters was founded in 1986 and earns about $150 million in annual revenue. Codemasters has a partnership with Warner Brothers for developing games in the U.S.

Codemaster developed games such as Colin McRae: DiRT and Race Driver: GRID. In 2007 Goldman Sachs invested $98.5 million in the company. [TechCrunch]

AT&T Inc. (NYSE:T) wants to remain the exclusive seller of the Apple iPhone.  AT&T wants to extend the deal with Apple until 2011.  Their contract expires in 2010 and AT&T hit a goldmine with the Apple partnership.  A source with the WSJ stated that AT&T CEO Randall Stephenson is in discussions with Apple to extend the deal.

Even if Apple does not renew their contract, Stephenson stated that AT&T will invest in wireless technology.  Two thirds of their capital will be spent on wireless network investments and acquisitions over the next five years.

So far AT&T spent $18.8 billion on radio spectrums and cellphone companies.  For iPhone discounts, AT&T spent $1.3 billion.  Even last year, AT&T considered making an offer for Reliance Communications in India, but the company was asking for $30 billion.

“This business cycle is going to cycle,” stated Mr. Stephenson. “You got to make sure that you’re positioned when it cycles back out to be the leader in the industry, and to do that you have to be the leader in mobility, first and foremost.”

[via WSJ]