Bharti Airtel announced on Friday that the tech giant Google would be investing up to $1 billion in the company. The investment will help Airtel to upscale its reach as well as product offerings. The deal will be subject to regulatory approvals.
Of the investment, $700 million will be made in the form of equity share purchase at the price of 734 rupees (i.e., $9.77) per share. The company stated that up to $300 million investment would be made for implementing commercial agreements, which involves raising Airtel’s offerings.
“Both the companies will work towards making smartphones affordable to the people in several price ranges. The implementation will be done by partnering with various device manufacturers,” Airtel said in the BSE filing statement.
“Our investment in the Airtel is a continuation of Google for India Digitization Fund’s efforts to increase smartphones access, improve connectivity to support new business models, and help companies on their digital transformation journey,” stated Sundar Pichai, CEO of Google and Alphabet.