Google will invest up to Ksh.113.5 billion in Airtel to bolster the Indian telecom operator’s digital offerings, the companies said on Friday.
The deal includes a $700 million equity investment in Airtel at a price of $9.77 per share and up to $300 million towards implementing commercial agreements, including investments in scaling Airtel’s offerings, the companies said.
Google announced plans less than two years ago to infuse Ksh1.1 trillion in India via its digitisation fund over five to seven years through equity deals and tie-ups.
Jio Platforms, which houses Airtel’s telecom rival Jio, received an investment of $4.5 billion from Google in July 2020. In return, the US tech behemoth got a seat on Jio’s board.