Japan-based SoftBank began conducting due diligence regarding an investment of up to $3 billion in Reliance Jio, as the Indian mobile operator’s chairman Mukesh Ambani (pictured) seeks to raise funds by selling stakes in the business, The Economic Times (ET) reported.

SoftBank would use its Vision Fund to buy an undisclosed interest in Jio, which last week reported a net profit of INR8.4 billion ($120 million) for its fiscal Q4 ending 31 March. Its subscriber base reached 307 million.

JP Morgan wrote in a research report: “For the past two years, our conversations with investors have highlighted expectations of SoftBank investing in Jio and hence the news flow is not surprising,” ET reported.

A representative of Reliance Jio parent Reliance Industries told ET it does not comment on speculation: SoftBank representatives were similarly tight-lipped, the newspaper stated.