US tech company Google has announced it will invest up to $1 billion in India-based telecommunications company Bharti Airtel.
Google has announced it will invest up to $1 billion in Bharti Airtel. Google said in a statement that the company continues to invest in India’s digital ecosystem.
The company has set up a digitalization fund for India in 2020, the statement said, adding that up to $1 billion will be invested in Bharti Airtel as part of that fund.
Of that investment, $700 million was equity investments, while $300 million would be allocated for the implementation of trade agreements over the next five years, the statement said.
$10 billion investment planned in medium term
Bharti Airtel said the investment aims to provide affordable access to smartphones at different price ranges and to improve 5G and cloud services.
Google announced plans to gradually invest $10 billion in India within 5 to 7 years as part of its digitalization fund in 2020.
In July 2020, the company announced it would invest $4.5 billion in Jio, India’s largest operator.
Google’s Bharti Airtel investment after Jio will dominate about 75 percent of India’s smartphone market.
