Google’s parent company, Alphabet Inc. is in the final negotiations about investing $4 billion (₹2,800 crores) for a stake in the digital wing of Reliance Industries Ltd. On Tuesday, Bloomberg said in a report, while also mentioning people related to the matter, that an announcement might be made within the next few weeks. Hence Google might invest $4 billion in Reliance’s digital arm (Reliance Jio platforms).
Google refused to offer any insight into the matter while Reliance stalled a bit before giving a vague response. Other investors such as Facebook and KKR & Co. have already invested $15.64 (₹11,000 crores). This funding mania has caused Reliance to free itself from its net debt.
Sundar Pichai, who is the CEO at Google and Alphabet lately had a virtual meeting with India’s Prime Minister Narendra Modi. After which, Google proclaimed to invest $10 billion in India through tie-ups and equity investments in the following 5-7 years, making its most prominent promise to a key growth market.
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— Google India (@GoogleIndia) July 13, 2020
The shares of Reliance stripped some losses to trade down 0.7 per cent as of 0928 GMT. The general market although was below 1.68 per cent. An official announcement about this deal might come before people next week, as per the sources.