Global tech leaders from Facebook to Intel are looking for
multiple ways to grab a slice of the action in the South Asian country, where
millions of first-time internet users are added every month.
Google
is in advanced talks to buy a $4 billion stake in Mukesh Ambani’s technology
venture, people familiar with the matter said, seeking to join rival Facebook
in the chase for growth in a promising internet market.
The Mountain View, California-based titan has been discussing the investment in Reliance Industries’ digital arm, Jio Platforms, 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.
Jio is at the
centre of the Indian tycoon’s ambition to transform his energy conglomerate
into a homegrown technology behemoth — something on the lines of China’s
Alibaba Group Holding. The venture has turned into a magnet for Silicon Valley
investors, attracting almost $16 billion from Facebook to KKR & Co. in the
past three months. Should the talks with Google result in a deal, that would
further burnish Jio’s credentials in its push to upend online retail, content
streaming, digital payments, education and health care in a market of more than
a billion people.
Global tech
leaders from Facebook to Intel Corp. are looking for multiple ways to grab a
slice of the action in the South Asian country, where millions of first-time
internet users are added every month. Jio Platforms, which boasts almost 400
million users through its wireless network, offers the largest base of such
users who are increasingly buying merchandise online and downloading music and
video, using cheap phones and Jio’s own cut-price data services. An arm of
Qualcomm Inc. was the latest in Jio’s growing list of investors, who also
include Intel Capital, Silver Lake and Mubadala Investment. As of July 12,
Reliance had sold 25.2 per cent of Jio, valuing the venture at $65 billion.
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