Third Quarter's Market Storm May Ease

Top U.S. phone company AT&T is eyeing a wireless acquisition in India, a market it is focusing on as a key growth opportunity, the Wall Street Journal reported in its online edition.

The report, citing people familiar with the situation, said AT&T was also looking to significantly expand its Internet and phone services to businesses in India.

AT&T Chief Executive Randall Stephenson was quoted as saying he saw the country as a "multibillion-dollar revenue opportunity."

Stephenson, who took over from Ed Whitacre in June, also said in the Journal report that he is seeking partnerships in Dubai and plans to bid on wireless spectrum in an upcoming auction in Qatar.

Stephenson said in an interview with Reuters earlier in the year that the company was open to buying overseas assets.

AT&T launched a commercial business in India earlier this year. Last year it became the first foreign carrier to secure a license for long-distance and international services in India under a revised policy that allows foreigners to own up to 74% of their Indian units.