Google is in “advanced talks” to invest $4 billion in Indian telecommunications firm Join Platforms, according to a report from Bloomberg on Tuesday.
The announcement could come in the next few weeks, sources familiar with the matter reportedly told Bloomberg. However, it could be delayed or canceled altogether, and the details are still being ironed out Google could be the thirteenth investor in Jio Platforms, according to a report by Bloomberg. The tech giant is reportedly looking to invest $4 billion in Jio Platforms and talks are in an advanced stage, the report said. The deal could be announced in a few weeks.
This comes just one day after Sundar Pichai, the CEO of Alphabet Inc (the parent company of Google), announced a $10 billion digitalization fund for India.
If this deal goes through, Google joins the likes of Face book in investing in Jio Platforms. So far, Reliance has sold 25.24% stake in Jio Platforms. Earlier in June, Business Insider reported that both Google and Microsoft were looking to invest in Reliance Jio and that Jio would have to pick one of the two.
Reports of the potential Google investment come days after Qualcomm announced an Rs 730 crore investment into Jio Platforms for a 0.15% stake. The investment is set to help Jio rollout advanced 5G infrastructure and services in India. With Qualcomm, the total investments into Jio Platforms has exceeded Rs 1.18 lakh corer in less than 3 months.
The first in line was Face book, who picked up a 9.99% stake. Since then, KKR (2.32%), the Public Investment Fund of Saudi Arabia (2.32%), Vista Equity Partners (2.32%), Silver Lake Partners (2.08%), Mubadala Investment Company (1.85%), General Atlantic (1.34%), Abu Dhabi Investment Authority (1.16%), TPG Capital (0.93%), L Catterton (0.39%), Intel Capital (0.39%) and Qualcomm (0.15%) now have a stake in the company. On July 11, Reliance Industries said that Jio Platforms received subscription amounts of Rs 30,062.43 corer from four investors for 6.13% stake in total.
Among the four investors, L Catterton has invested Rs 1,894.50 cr, the Public Investment Fund has put in Rs 11,367 cr, Silver Lake has invested Rs 10,202.55 cr and General Atlantic Singapore has put in Rs 6,598.38 cr. Google is predicted to verify the investment within the coming weeks, consistent with the report.
Pichai is additionally friendly with the founding family behind Reliance Jio, the Ambani family, attending scion Akash Ambani’s wedding in Mumbai in 2019.