New Delhi: As the race for affordable smartphones gains momentum, Google has made an investment of up to $1 billion (more than Rs 7,400 crores) in Airtel.
According to the Sunil Mittal-led company, the investment is a part of the Google for India Digitisation Fund. Google had announced it in 2020 to ramp up its efforts towards India. Google will invest $700 million in Airtel in exchange for 1.28 per cent ownership, while up to $300 million will be a part of potential multi-year commercial agreements between Google and Airtel.
The partnership will also allow Airtel to shape and grow its cloud ecosystem in India. This will help it to accelerate the digital transformation journeys of businesses in the country. Airtel currently serves over one million small and medium businesses with its enterprise connectivity offerings.
“Airtel and Google share the vision to grow India’s digital dividend through innovative products. With our future-ready network, digital platforms, last-mile distribution and payments ecosystem, we look forward to working closely with Google to increase the depth and breadth of India’s digital ecosystem,” said Sunil Bharti Mittal, Chairman of Bharti Airtel.
“Airtel is a leading pioneer shaping India’s digital future, and we are proud to partner on a shared vision for expanding connectivity and ensuring equitable access to the Internet for more Indians,” Sundar Pichai, CEO of Google and Alphabet was quoted as saying by agencies and media reports.
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