New Delhi, 28/1 (Ao Bureau): Alphabet Inc’s Google will invest up to $1 billion in Bharti Airtel in a move that could help bolster the Indian telecom operator’s digital offerings, the companies said on Friday.
The investment includes a $700 million equity investment in Airtel at a price of Rs 734 ($9.77) per share and up to $300 million towards implementing commercial agreements, including investments in scaling Airtel’s offerings, the companies said.
The share issue is subject to regulatory and shareholder approval and comes months after Airtel raised up to Rs 21,000 crore through a sale of shares to existing shareholders.
Airtel shares were up 0.54 per cent at Rs 711 after the announcement.