Indian billionaires consider competing for stake in TV network

Billionaires Mukesh Ambani and Sunil Bharti Mittal are considering competing bids for a stake in a troubled Indian television network, people with knowledge of the matter said, as their telecom carriers race for content in the worlds second-biggest mobile market.

Mittal’s Bharti Airtel Ltd has started due diligence of Zee Entertainment Enterprises Ltd and is expected to make a formal proposal soon, one of the people said, asking not to be identified citing confidentiality. Ambani’s Reliance Jio Infocomm Ltd is also considering a bid, the people said.

Deliberations are preliminary and may not lead to a transaction, they said.