Reliance Industries homes in on $4B Google backing - Mobile World Live

Reliance Industries homes in on $4B Google backing

14 JUL 2020

Speculation Google was set to become the latest big-name investor in Reliance Industries’ digital business resurfaced, with Bloomberg reporting the companies were on the brink of agreeing a $4 billion deal.

The media outlet cited people familiar with the matter who claimed an announcement could be made in the coming weeks, though the precise stake on the table was not specified.

Financial Times (FT) first revealed the companies were in talks regarding a move for Jio Platforms in March, though the latest report from Bloomberg is the first to specify the sum involved.

If completed, the investment would add up to backing from US companies including Qualcomm, Intel, Facebook, and private equity groups.

The report comes a day after Google unveiled plans to invest $10 billion to aid India’s digital transformation.

In May, FT reported Google was also exploring the acquisition of a 5 per cent stake in struggling joint venture Vodafone Idea.

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Yanitsa Boyadzhieva

Yanitsa joins Mobile World Live as a Reporter based in London. She has more than 5 years’ experience at various media outlets in her home country Bulgaria. She started her career as a political reporter, followed by taking editor roles...

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