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Google invests up to $ 1 billion in partnership with Airtel

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The amount includes a corpus of equity investments and potential commercial contracts

Bharti Airtel and Google announced on Friday 28 January 2022 that they will partner on a long-term multi-year agreement to accelerate the growth of India’s digital ecosystem. Under this agreement, Google will invest up to US $ 1 billion.

This amount is part of the US $ 10 billion Google for India Digitization Fund announced by Google and Alphabet Sundar Pichai CEOs in 2020, with equity investments in addition to a corpus of potential commercial contracts identified and agreed upon. included. In a statement, the two companies stated conditions that could be mutually agreed upon over the next five years.

Also read: Bharti Airtel 5G demo clock 100Mbps

They work together to provide best-in-class end-to-end products, meet customer needs, provide a quality customer experience, provide expertise, and address affordable, access, and digital inclusion issues. I will try to solve it.

The transaction includes an investment of US $ 700 million to acquire Airtel’s 1.28% ownership and an investment of up to US $ 300 million for a potential multi-year commercial transaction agreement. This partnership focuses on providing affordable access to smartphones beyond the price range and jointly builds on existing partnerships with use cases for 5G and other standard Indian-specific network domains. We will continue to consider creating and accelerating the cloud ecosystem of our business.All over India

This transaction requires the required regulatory approval.

India-specific network domain

The statement added that as part of the initial commercial agreement, Airtel and Google will work together to build a wide range of Airtels products covering a variety of Android-enabled devices for consumers through an innovative and affordable program. I did. The two companies will continue to work with different device manufacturers to explore further opportunities to remove barriers to owning smartphones at different price points.

Under the larger strategic goal of the partnership, the two companies may also use state-of-the-art implementations to jointly create use cases for 5G and other standard Indian-specific network domains. Airtel is already using Google’s 5G-enabled Evolved Packet Core & Software Defined Network platform and is considering expanding its deployment of Google’s network virtualization solutions to provide a better network experience for its customers. ..

Both companies will also focus on the formation and growth of India’s cloud ecosystem to accelerate the journey of digital transformation.

Bharti Airtel Chairman Sunil Bharti Mittal said Airtel and Google share a vision to increase India’s digital dividends through innovative products. We look forward to working closely with Google to expand the depth and breadth of India’s digital ecosystem with a future-proof network, digital platform and last mile distribution and payment ecosystem.

Pitchai said commercial and equity investments in Airtel will increase access to smartphones, strengthen connectivity to support new business models, and help companies on their digital transformation journey with the Google for India Digitization Funds. He added that it is a continuation of the efforts of.

Bharti Airtel’s share price rose 1.85% at BSE at 10:08 am, trading at 720.30 per share.

Google announced a US $ 4.5 billion investment in a 7.73% stake in the Mukesh Ambani-led Jio platform in 2020.

Sources

1/ https://Google.com/

2/ https://www.thehindu.com/business/google-to-invest-up-to-1-billion-in-a-partnership-with-airtel/article38337873.ece

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