You just can't seem to keep Jio Platforms and Google out of the news in India these days.
A day after Google announced that it was set to invest $10 billion in India over the next 5 to 7 years, speculation is rife that it is all set to write out a cheque for $4 billion to the global investors' current blue-eyed company, Jio Platforms.
According to an exclusive report from the Bloomberg news agency, Google is in advanced talks to buy a stake in Reliance Industries’s digital subsidiary Jio Platforms.
An announcement on the impending deal could come as soon as the next few weeks, the report quoting unidentified sources said.
Though there is no confirmation from either of the two parties involved, it would be no surprise if the deal happens.
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If the deal goes through, Google will be the 14th investor in Jio Platforms, holding unit for Ambani’s telecom & digital businesses. https://t.co/mbjAZ8KZ1RJuly 14, 2020
Facebook and Google possibly on the same side
If it happens, Jio Platforms would have in its folds two of the biggest internet companies in the world now --- Facebook and Google. Of course, this would be beside the slew of big technology investors that Jio Platforms has managed to attract this summer.
Along with Facebook, the other investors in Jio Platforms include Silver Lake (1 and 2), KKR, Vista Equity Partners, General Atlantic, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures.
The Mukesh Ambani-helmed company has so far in just 12 weeks managed to get 13 cheques from 12 different investors. The amount that has flowed into Jio Platforms so far has been a staggering $15.7 billion.
Qualcomm Ventures was the last company that committed itself to a $97 million investment for developing 5G networks and infrastructure in India through Jio Platforms.
Google, for its part, has betted big on India. It said it plans to spend $10 billion over the next five to seven years to help accelerate the adoption of digital technologies in India. The amount could be put into partnerships and equity investments among others.
Google also wants to develop many apps in India using Indian talent and Indian infrastructure.
Source: Bloomberg.
