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Google in advanced talks with Jio Platforms over reported $4 billion investment: Report

An official announcement for the deal between Google and Jio Platforms is expected to come out in the coming weeks.

  • Updated: July 15, 2020 9:58 AM IST
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Tech giant Google is reportedly in advanced talks with Reliance’s Jio Platforms for an investment. The expected USD 4 billion investment would be the latest in a string of big investments in the Indian company after big names like Facebook, Qualcomm, and Intel have invested in the company. Also Read - Google for India: Internet giant to invest $10 billion in India to expand its presence

As per a report by Bloomberg, the California-based company has been discussing the deal with Jio Platforms for a while now. We could be looking at the official announcement in the next few weeks as per the report. Also Read - Jio Platforms: Qualcomm Ventures follows Intel Capital to invest Rs 730 crore for a 0.15 percent stake

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Over the past few months, Jio Platforms has turned into a magnet for Silicon Valley investors. The venture has attracted about USD 16 billion over multiple investments over the past three months. The company, digital wing of Mukesh Ambani’s Reliance, is on its way to becoming a much bigger name in the digital scenario in India. After an ever-rising trade war between the USA and China has practically eliminated Google’s chances of investing in China, India is the immediate next big digital market target for companies. Also Read - Jio Platforms stake sale: Intel becomes 11th investor with Rs 1,894.50 crore investment

Google’s interest in Jio Platforms

A likely reason Google is eyeing Jio Platforms could be the immense cloud computing possibilities of the Indian venture. Telecom giants are turning to cloud computing for their next wave of expansion. As a provider, Google has lagged behind competitors in this growing sector, Sharma said. “Google has been more reactive than proactive,” said Chetan Sharma, a tech industry consultant.

The last investment in Jio’s bag was US-based Qualcomm. Jio Platforms has sold 25 percent of the stakes so far, taking the value of the venture to USD 65 billion. Facebook remains the largest investor in Jio Platforms so far with USD 5.7 billion. For Google, the USD 4 billion investment is pretty big, in fact, the largest that the company has made on a non-US-based venture so far.

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  • Published Date: July 15, 2020 9:57 AM IST
  • Updated Date: July 15, 2020 9:58 AM IST



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