Reliance Industries, India's largest-listed conglomerate, said on Friday it will buy a 95% stake in Infotel Broadband Services for 48 billion rupees ($1.03 billion).

Unlisted Infotel Broadband Services is the only firm to win broadband spectrum in all 22 zones in India in an auction that ended on Friday. The firm is paying 128.48 billion rupees ($2.7 billion) for the spectrum, the government said.