Google is in advanced talks to buy a $4 billion stake in Indian billionaire Mukesh Ambani’s technology venture, people familiar with the matter said, seeking to join rival Facebook Inc. in chasing growth in a promising internet and e-commerce market.
- The Mountain View, California-based company has been discussing the investment in Jio Platforms Ltd., the digital arm of Ambani’s Reliance Industries Ltd., the people said, asking not to be identified because the information is private.
- An announcement could come as soon as the next few weeks, according to the people.
Should the talks with Google result in a deal, that would further burnish Jio’s credentials in its digital push.
When Mukesh Ambani rises to address shareholders at his flagship’s annual general meeting on Wednesday, he would have met most of his promises made a year ago.
- Reliance Industries Ltd. undertook a deleveraging exercise at breakneck speed in the last three months amid a Covid-19-induced lockdown.
- All these initiatives have ensured RIL will be net debt-free as promised by Ambani at the last AGM.
Find out what shareholders can expect at this year’s AGM.