BENGALURU: Alphabet Inc's Google is in advanced talks to invest US$4 billion for a stake in the digital arm of Indian conglomerate Reliance Industries Ltd, Bloomberg reported on Tuesday, citing people familiar with the matter.
An announcement could come as soon as the next few weeks, according to the report https://www.bloomberg.com/news/articles/2020-07-14/google-is-said-in-talks-to-invest-4-billion-in-jio-platforms?utm_source=google&utm_medium=bd&cmpId=google.
Google declined to comment, while Reliance did not immediately respond to a request for comment.
Investors, including Facebook and KKR & Co, have already poured in a combined US$15.64 billion for just over 25per cent in Jio Platforms. The funding spree, which began late April, and a share sale by Reliance have helped make India's biggest company by market value net-debt free.
The report comes a day after Google said it would spend around US$10 billion in India over the next five to seven years through equity investments and tie-ups, in its biggest commitment to a key growth market.
Shares of Reliance pared some losses to trade down 0.7per cent as of 0928 GMT, while the broader market was down 1.68per cent.
(Reporting by Chris Thomas in Bengaluru and Sankalp Phartiyal in New Delhi; Editing by Anil D'Silva)