Google in talks to pick up USD 4 billion stake in Jio, says Bloomberg

New Delhi: Google is in “superior talks” to purchase a $four billion stake in Jio digital platforms, Bloomberg reported Tuesday, as main tech companies race to faucet into the huge nation’s market.

The US expertise big has been in talks to spend money on Reliance Industries’ Jio Platforms, Bloomberg mentioned citing sources, with an announcement “as quickly as within the subsequent few weeks”.

 

The report got here a day after Google’s chief government Sunder Pichai mentioned it will make investments $10 billion within the nation of 1.three billion folks over the subsequent 5 to seven years.

International companies have spent tens of billions of dollars in India lately as they combat for a chunk of the Asian big’s burgeoning digital economic system.

This 12 months alone, main gamers together with Fb, Intel, Qualcomm and others have ploughed some $15 billion into Jio Platforms.

Ambani is aiming to tackle US giants Amazon and Walmart in India’s rising e-commerce house.

The tycoon mentioned in mid-June that his Reliance conglomerate was internet debt free after elevating greater than $22 billion in a rights problem and promoting stakes in Jio Platforms.
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