News

Google 'in advanced talks' to invest $4 billion in Jio platforms

Bloomberg July 14 | Updated on July 14, 2020 Published on July 14, 2020

Google is in advanced talks to buy a stake in Reliance Industries Ltd’s digital arm Jio Platforms Ltd, according to people familiar with the matter.

The US technology company has been discussing an investment of about $4 billion, the people said, asking not to be identified because the information is private. An announcement could come as soon as the next few weeks, according to the people.

Also read: Jio Platforms receives investments from four investors

Details of the potential deal could change, and negotiations could still be delayed or fall apart, the people said. Representatives for Google and Reliance didn’t immediately respond to requests for comment.

Google would join Facebook Inc. and a slew of private equity firms piling into billionaire Mukesh Ambani’s technology venture, which has already attracted more than $15 billion of investments in just a few months. An arm of Qualcomm Inc. was the latest in Jio’s growing list of high-profile investors, who also include Silver Lake Partners and Mubadala Investment Co.

On Monday, Google said it plans to spend $10 billion over the next five to seven years to help accelerate the adoption of digital technologies in India. The amount could be put into partnerships and equity investments among others.

Google, founded in 1998 in Silicon Valley, entered India six years later with offices in Bangalore and Hyderabad. The India business has since grown into one of the companys most important. The country now has more than 500 million internet users, second only to China, with growth that has drawn all the American technology giants.

In the last decade, Google has successfully launched several products in India, including a Google internet Saathi service to bring women in rural areas online and its popular Google Pay service.

Also read: Why has Google made a $10-billion bet on India now?

 

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on July 14, 2020
This article is closed for comments.
Please Email the Editor