Alphabet Inc’s Google on Friday said it is investing up to $1 billion in Bharti Airtel, including $700 million to buy a 1.28% stake in India’s second-largest telecom operator.
In one of the first commercial agreements, Airtel and Google will collaborate in bringing more affordable smartphones that will be made with various device manufacturers. The two companies will also explore the 5G network technology for India. Airtel says that it currently serves over 1 million small and medium businesses in India with its enterprise connectivity offering, and aims to reach more through the deal.
“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,” Sunil Mittal, chairman of Bharti Airtel, said.
Mittal, who controls Bharti Airtel, was ranked the 12th richest person in India last year with a net worth of $14.8 billion, according toBharti Airtel says it has more than 480 million customers in 17 countries in South Asia and Africa.Imtiyaz Khan/Anadolu Agency/Getty Images
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