(RTTNews) – Google is in advanced talks to invest $4 billion for a stake in Jio Platforms, the digital arm of Indian conglomerate Reliance Industries. An announcement could come as soon as the next few weeks, Bloomberg reported citing people familiar with the matter.
The report comes a day after Google said it would spend about $10 billion in India over the next five to seven years through equity investments, partnerships, and operational, infrastructure and ecosystem investments.
Recently, Jio Platforms has raised lakhs of crores rupees from technology investors including Facebook, Intel, Qualcomm and KKR.
On Sunday, Reliance Industries said that Qualcomm Ventures, the investment arm of Qualcomm, committed to invest up to 730 crore rupees in Jio Platforms at an equity value of 4.91 lakh crore rupees. Qualcomm Ventures’ investment represents 0.15% equity stake in Jio.
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