12.5 C
New York
Friday, August 7, 2020
Home News Google reportedly in talks to invest $4 billion in India’s Jio

Google reportedly in talks to invest $4 billion in India’s Jio

Facebook had acquired a 9.99% stake in Jio Platforms for $5.7 billion earlier this year.

jio-2.jpg

What you need to know

  • Google is reportedly in “advanced talks” to acquire a stake in Reliance’s Jio Platforms.
  • The search giant is looking to invest about $4 billion in Jio Platforms.
  • Jio is India’s leading cellular network, with nearly 400 million subscribers.

In April this year, Facebook invested $5.7 billion in Jio Platforms, which is a wholly-owned subsidiary of Reliance Jio, India’s leading cellular network. A report from Bloomberg Quint now claims Google is in “advanced talks” to acquire a stake in Jio Platforms.

Citing people familiar with the matter, the publication says the search giant has been discussing an investment of around $4 billion in Jio Platforms. A formal announcement is expected to be made within the next few weeks.

As noted by Bloomberg Quint, Google would become the fourteenth investor in Jio Platforms if the deal goes through. Just yesterday, chipmaker Qualcomm announced that it will be investing $97 million in Reliance Jio Platforms to acquire a 0.15% equity stake. In less than two months, thirteen investors have bought a stake in Reliance Industries’ Jio Platforms.

The news comes just a day after Google announced that it will be investing $10 billion over the next five to seven years to promote digitization in the country. With the new “Google for India Digitization Fund,” the search giant wants to enable access to information on the internet for all Indians in their own language. The fund will also focus on developing new products and services that are relevant to the unique needs of users in the country, as well as empowering small and medium businesses.

Google is investing $10 billion to promote digitization in India

Latest

Fortnite season 3 week 7 challenges: Where to collect stone at Rapid’s Rest

Having trouble locating Rapid's Rest to gather stone in Fortnite? This guide will show everything you'll need.

The best free PC games in 2020

No budget? No problem. These free PC titles prove that you don't need to spend money for high-quality games.

PS5 is getting its own Pokémon clone with Temtem in 2021

PS5 is looking to have a diverse lineup of games come next year.What you need to knowTemtem is a creature-collection

Amazon now has the new Galaxy Note 20 phones available for pre-order

You don't have to wait any longer to pre-order a Galaxy Note 20 from Amazon.What you need to knowAmazon.com has