Google's Partnership of $1 Billion With Airtel to Help Grow India's Digital Ecosystem
Google, recently has announced a partnership with Airtel, the Indian Network Providing Company.
The partnership will be focused on helping Airtel in the making of the Digital Ecosystem of India. The investment amount is $1 billion.
Highlighted Facts
- The share that has been issued is subject to regulatory and shareholder approval.
- Jio also has received an investment that is about $4.5 billion (INR 33,775 crore).
- Google also has a seat on the Jio board and most of the share has been invested in the Jio Company.
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Google said about the investment plan for the future and it planned to invest about $1 billion in India’s Digital Ecosystem in Airtel and will be worked with Airtel to make it more enhanced.
The investment also includes $700 million (about 5,255 crores) of investment in Airtel Equity investment and the price will be Rs. 734 per share. There is also another investment of about $300 million (about 2,250 crores) towards implementing commercial agreement including investments in scaling Airtel’s Offerings, the information was revealed by the Company.
The issuing of shares is subject to regulatory and shareholder approval and comes months after Airtel has raised the sale of the share of up to 21,000 crores to an existing shareholder.
After the announcement, the share price of Airtel was raised about 0.5 % and the price was 711.
Google has also announced its plan for future investment in India in Airtel. The amount of investment has been told about $10 billion (about 75,060 crores) via its digitization fund over 5 to 7 years through equity deals and tie-ups.
The Reliance Company of telecom Jiohas also received a share of Google’s investment of about 4.5 billion dollars in July 2020 and in return, the US-based Google technology company has got a seat in the company Jio in its board.
