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

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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.

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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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