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Alphabet-owned Google (GOOGL) – Get Report is in late-stage talks to invest as much as $4 billion in India digital-service and telecom provider Jio Platforms, the country’s largest and most pervasive mobile and internet company.
Google is expected to confirm the investment in the coming weeks, Bloomberg reported, citing people familiar with the discussions. Additional details of the agreement are still under negotiation and could change, the people said.
A successful deal would have Google join a growing list of investors in Reliance Industries-owned Jio, including Facebook (FB) – Get Report, Vista Outdoor (VSTO) – Get Report and KKR (KKR) – Get Report.
Jio itself has quickly become the top mobile and internet brand in India, bringing millions of Indians online over the past four years by offering free or very low-cost data.
The surge in internet users has benefitted the likes of Google and Facebook, both of which are increasingly looking to Asia and emerging economies like India to provide their “next billion users,” to delve into ways to expand their presence.
Jio Platforms, a subsidiary of Indian conglomerate Reliance Industries, is India’s biggest mobile operator, with a subscriber base of 369.93 million and more than 30% market share.
Jio Platforms also comprises a suite of apps, including Zoom Video Communications (ZM) – Get Report rival JioMeet and streaming service JioSaavn.
Google isn’t in foreign expansion mode everywhere. The online behemoth recently canceled plans for a major new cloud service in China and other markets deemed “sensitive” over geopolitical tensions and Covid-19 concerns.
Meanwhile, Reliance Chairman Mukesh Ambani is now the sixth-richest person in the world, according to Bloomberg’s Billionaires Index.
Shares of Google were flat at $1,522 in premarket trading on Tuesday.
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