airtel: After Jio deal, Google to invest $1 billion in Airtel now

NEW DELHI: Sunil Mittal’s Airtel secured a $1 billion ‘strategic funding’ from Google as the American tech giant widened its investment spread in India beyond the $4.5 billion (Rs 33,737 crore) deal it had signed up with Mukesh Ambani’s Reliance Jio in July 2020.
The deal with Airtel will be funded out of Google’s $10 billion India Digitisation Fund and see the company invest $700 million for a 1.2% share in Airtel at a price of Rs 734 per share (it closed the day at Rs 717 on the Bombay Stock Exchange on Friday).
The remaining $300 million will be spent on areas such as development of affordable smartphones, as well as accelerating digital inclusion, including network domain use cases for 5G and growth of cloud.


TOI was the first to report on Google’s plans to make financial investments into Airtel in its editions dated August 28 last year.
While the investments into Jio…

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