Google to Invest $1 Billion in Airtel

• Tech giant Google is set to invest $1 billion in Indian telecommunication company Airtel

• The deal involves a $700 million investment by the search engine company to acquire a 1.28% stake in Airtel

• The two firms will work to expand Airtel’s offerings to serve several Android devices to customers via “affordability programs,”

Tech giant Google plans to invest as much as $1 billion in Indian Telecom company Airtel, as it makes its foray into the world’s second-largest internet market.

The search giant will spend $700 million to acquire a 1.28% stake in the telecom operator while $300 million will be put into exploring multi-year commercial agreements.

According to the agreement, the two firms will work to expand Airtel’s offerings to serve several Android devices to customers via “innovative affordability programs,”

The companies will also collaborate with smartphone makers in India to make more affordable smartphones.

Confirming the deal, Sundar Pichai, chief executive of Google and Alphabet released a statement saying:

“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,”

Read also: Apple to Integrate POS Payment on iPhone

The announcement comes amid news that Airtel and competitor Vodafone have been repaying billions of dollars own to the Indian government.

To repay the debt, Vodafone gave away over 35% ownership to New Delhi, making the government its largest shareholder.

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