Google invests $700 mn in India’s telecom company Airtel

India’s telecom operator Bharti Airtel has allotted over 71 million equity shares to internet major Google for Rs 734 per share. The allotment is part of Google's commitment to invest $1 billion with Airtel, which included equity investment in the company worth $700 million, Airtel said in a regulatory filing.
 
''The special committee of directors for preferential allotment of the company, approved the allotment of 71,176,839 equity shares of the face value of Rs 5 each fully paid up, on preferential basis to Google International LLC (Google) at an issue price of Rs 734 per equity share,'' Airtel said.
 
Google made the investment as part of its $10 billion India Digitization Fund. Out of the total investment with Airtel, $300 million was earmarked for implementing commercial agreements, which include investments in scaling Airtel's offerings that covers a range of devices to consumers via innovative affordability programmes as well as other offerings aimed at accelerating access and digital inclusion across India's digital ecosystem.
 
''Google will hold approximately 1.2 per cent of the total post-issue equity shares of the company - approximately 1.17 per cent on fully-diluted basis,'' the filing said. Apart from this, Google has also invested about $4.5 billion to buy 7.73 per cent stake in India’s another telecom giant Jio Platforms just a couple of days after it made an announcement about the India Digitization Fund.