Alphabet?s Google is looking to invest in Vodafone Idea, a partnership between
the UK telecom and India?s Aditya Birla Group that?s currently struggling
process is currently at a very early stage.
The report states that Google is considering buying a stake of about 5% in
Vodafone-idea. This move by Google would put Google in competition against
Facebook and Jio. It was last month when Facebook?announced?an investment of$5.7
billion (INR 43,574 crore)in Jio Platforms Limited, a subsidiary of Reliance
Industries. Facebook has a 9.99% stake in Jio, making it the largest minority
Facebook CEO, Mark Zuckerberg, had stated that in addition to making a major
financial investment, the company is also looking forward to exploring different
projects that?ll open up commerce opportunities for people in India.
The deal would greatly aid Vodafone Idea who is suffering through major
financial losses in the country. In April, Supreme Court allowed for a tax
refund of Rs 733 crore to the telecom operator as a relief to its financially
strained condition. Vodafone Idea had sought for a refund of ?4,700 crore.
Moreover, the company has more than ?58,000 crore in AGR-related dues, as per
the Department of Telecommunications.
Google and Vodafone Idea haven?t revealed any details around investment plans
and declined to comment.
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