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Google to Invest $1 Billion in Partnership With Airtel to Help Grow India’s Digital Ecosystem

Google to Invest $1 Billion in Partnership With Airtel to Help Grow India’s Digital Ecosystem

Google announced plans less than two years ago to infuse $10 billion (roughly Rs. 75,060 crore) in India via its digitisation fund.

By Gadgets 360 Staff With Inputs From Reuters | Updated: 28 January 2022 10:38 IST

Google to Invest $1 Billion in Partnership With Airtel to Help Grow India’s Digital Ecosystem

The investment by Google includes a $700 million (roughly Rs. 5,255 crore) equity investment in Airtel

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Highlights

The share issue is subject to regulatory and shareholder approval
Jio received an investment of $4.5 billion (roughly Rs. 33,775 crore)
Google has a seat on Jio's board

Google will invest up to $1 billion (roughly Rs. 7,510 crore) in Airtel in a move that could help bolster the Indian telecom operator's digital offerings, the companies said.

The investment includes a $700 million (roughly Rs. 5,255 crore) equity investment in Airtel at a price of Rs. 734 per share and up to $300 million (roughly Rs. 2,250 crore) towards implementing commercial agreements, including investments in scaling Airtel's offerings, the companies said.

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The share issue is subject to regulatory and shareholder approval and comes months after Airtel raised up to Rs. 21,000 crore through a sale of shares to existing shareholders.

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Airtel shares were up 0.54 percent at 711 rupees after the announcement.

Google announced plans less than two years ago to infuse $10 billion (roughly Rs. 75,060 crore) in India via its digitisation fund over five to seven years through equity deals and tie-ups.

Conglomerate Reliance's digital unit Jio Platforms, which houses Airtel's telecom rival Jio, received an investment of $4.5 billion (roughly Rs. 33,775 crore) from Google in July 2020. In return, the US tech behemoth got a seat on Jio's board.

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