Google In Talks With Reliance To Invest $4 Billion In Jio Platforms: Bloomberg Report
Google is in advanced talks to buy a stake in Reliance Industries Ltd.’s Jio Platforms, according to a Bloomberg report, adding to the list of investors who want a piece of telecom and digital businesses of Mukesh Ambani.
The technology behemoth has been discussing an investment of about $4 billion, Bloomberg reported citing people who didn’t want be identified because the information is private. An announcement could come as soon as the next few weeks, they said.
Details of the deal are still under negotiation and could change.
If the deal goes through, Google would join a growing list of investors, including Facebook Inc, Vista and KKR, to bet on Jio Platforms, the holding unit for Ambani’s telecom and digital businesses.
Besides its largest-ever rights issue, over two months Ambani-led Reliance Industries has raised Rs 1.17 lakh crore by selling stake in Jio Platforms.
The news comes a day after 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.
Sundar Pichai, who was born in the country and is now chief executive officer of parent Alphabet Inc., said the outbreak of the coronavrius has made clear the importance of technology for conducting business and for connecting with friends and family.
To read the full Bloomberg report, click here