Click here to read the full article.
Google has reached an agreement to purchase a 7.73% stake in Indian telecommunications giant Jio Platforms, a subsidiary of Reliance Jio, for $4.5B, pending regulatory review.
The move marks the company’s first investment as part of its $10B Google for India Digitization Fund, which was announced earlier this week as an endeavor to boost digital growth on the subcontinent.
More from Deadline
The news was confirmed by Google/Alphabet CEO Sundar Pichai on Twitter:
India is experiencing a rapid digital transformation with more than 500 million of its inhabitants now online, but the majority of the country’s 1.3 billion citizens still don’t have internet usage or a smartphone.
As part of the investment, the two companies will collaborate on creating a new Android-based operating system for an entry level smartphone.
Jio Platforms owns India’s biggest mobile operator, Jio, which has a subscriber base of more than 300 million and a market share above 30%. It also owns a collection of apps including music streamer JioSaavn and Zoom rival JioMeet.
Best of Deadline
Sign up for Deadline’s Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.