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Google in talks to buy $4bn stake in Jio Platforms

Google in talks to buy $4bn stake in Jio Platforms

Mubasher: Google is now in advanced talks to invest about $4 billion for a stake in Reliance Industries’ digital arm, Jio Platforms, Bloomberg reported on Tuesday citing people familiar with the matter.

An announcement could be made in the next few weeks. However, details of the potential deal could change, and negotiations could still be delayed or fall apart, the sources said.

Google would join Facebook and many private equity firms investing in billionaire Mukesh Ambani’s technology venture, which has already attracted more than $15 billion of investments in just a few months.

Jio’s list of high-profile investors recently welcomed an arm of Qualcomm. The list further includes Silver Lake Partners and Mubadala Investment.

On Monday, Google pledged to spend $10 billion over the next five to seven years to help raise the adoption of digital technologies in India.

Ever since Google entered the Indian market in 2004, the India business has grown into one of the company’s most important, having reached more than 500 million internet users, second only to China.

In the last decade, Google successfully introduced several products in India, including a Google internet Saathi service to bring women in rural areas online as well as its popular Google Pay service.