Mukesh Ambani, Sunil Mittal consider competing for stake in Zee: Report

Billionaires Mukesh Ambani and Sunil Bharti Mittal are considering competing bids for a stake in Zee, the troubled television network, people with knowledge of the matter said, as their telecom carriers race for content in the world’s 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.

A representative for Zee said the company doesn’t comment on speculation though it is in “steady dialogue” with potential partners. Reliance Jio Infocomm and Bharti did not immediately respond to emails requesting comment.