India's Anil Ambani is in talks with George Soros, private equity firm Blackstone [BG.UL] and Singapore state investment firm Temasek [TEM.UL] about launching a $5 billion global buyout fund, an Indian paper reported on Monday.
Ambani, one of India's richest men who controls top Indian CDMA-mobile services provider, Reliance Communications Ltd RLCM.BO, has put up 500 million of his personal wealth and has received commitments of up to $2.5 billion from other investors, the paper said.
The fund, which was likely to be based in Singapore, would focus on firms in telecoms, media, communications technology, software, IT-related and broadband services, the paper said, quoting people familiar with the development.
The fund could look for "big-ticket acquisitions" in Asia and the Middle-East, the paper said.
A spokesman for the Anil Dhirubhai Ambani Group was not immediately available for comment.