Google may invest $4 billion in Jio, says report

A day after Google announced that it was forming an India-specific fund called India Digitization Fund. Also spending Rs 75,000 crore (around $10 billion) in the country over 5-7 years. There is a report that the tech giant is looking to invest in Jio. The report notes that Google may invest $4 billion in Jio.

The news comes from Bloomberg-Quint. It hints that the official announcement of the deal between Jio and Google is likely to be made within weeks.

Google CEO Sundar Pichai on Monday wrote in a blog, “Today, I’m excited to announce the Google for India Digitization Fund. Through this effort, we will invest Rs 75,000 crore, or approximately $10 billion, into India over the next 5-7 years. We’ll do this through a mix of equity investments, partnerships, and operational, infrastructure, and ecosystem investments. This is a reflection of our confidence in the future of India and its digital economy.” 

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Update by Akankshya Mohanta

News source: India Today