American internet giant Google has announced an investment up to $1 billion in partnership with Delhi-based telecom company Bharti Airtel on Friday from its Google for India Digitization Fund. The deal Includes Google investing $700 million to acquire 1.28 percent ownership in Airtle and up to $300 million towards potential multi-year commercial agreements.
Telecom major Bharti Airtel informed that its board of directors at its meeting held today have approved the issuance of upto 7.1 crore equity shares of face value of ₹5/- each of the company to Google International LLC on a preferential basis at a price of ₹734/- per equity share. As a part of its first commercial agreement, Airtel and Google will work together to build on Airtel’s extensive offerings that covers a range of Android-enabled devices to consumers via innovative affordability programs. Together, the companies will continue to explore further opportunities to bring down the barriers of owning a smartphone across a range of price points, in partnership with various device manufacturers," the Sunil Mittal-led telco added. In addition to the latest investment in Airtel, Google has also invested in the telecom company’s rival Reliance Jio a sum of $4.5 billion. Further, Google has backed more than a dozen startups in India through its accelerator programme. Sundar Pichai, CEO of Google and Alphabet, said “Our commercial and equity investment in Airtel is a continuation of our Google for India Digitization Fund's efforts to increase access to smartphones, enhance connectivity to support new business models, and help companies on their digital transformation journey.”
Google is really doing a good job 5G will come soon then