As we all are aware of Facebook-Jio deal. To know more about the deal you may refer to geeksocean post. In a move that could pit it against Facebook-Jio (Mukesh Ambani), technology giant Google may take a minority stake in Vodafone Idea, owned by Vodafone and the Aditya Birla Group.
Google is looking to invest about 5% within the Vodafone Idea, Financial Times reported on Thursday, both the Indian subsidiary of Google and Vodafone Idea refused to confirm the development. Vodafone Idea has addressed previously that they could not be able to continue as a going concern if it's not given a relief package by the govt.
Facebook and other private equity investors have cumulatively poured in around $10 billion in Jio Platform. So, if the deal goes through, search giant will compete with FB-JIO. Facebook investment in Jio is $10 billion
So will the Indian market, and therefore the biggest player Reliance Jio, face the might of American giant Alphabet Inc's Google? If reports are to be consider as true, Google is exploring a move to earn a minority stake in Vodafone Idea, the telecom operator that's owned by Britian's Vodafone and domestic business house Aditya Birla Group.
- Faced with strained finances, telecom companies are scrambling to boost funds.
- In last two months, Facebook and other private equity investors have invested in $10 billion in JIo platform.
- Earlier within the week, Bharti Airtel raised over Rs 8,400 crore by offloading 2.75% stake in block deals.
- As per DoT's submission in SC, dues of three telecom companies- Bharti Airtel, Vodafone Idea and Tata Group- stood at Rs 1.19 lakh crore.
Alphabet(Google) is looking to earn about 5% stake in Vodafone Idea, the Indian subsidiary of Vodafone Idea and Google denied to substantiate the development . The struggling Vodafone Idea refused to substantiate. Problems for the corporate compounded after the Supreme Court's October 2019 judgement on adjusted gross revenue(AGR) that had asked companies like Airtel and Vodafone(both heavily debt-laden) to pay back thousands of crores of rupees in past dues.
If Google is successful in striking the accommodate with Vodafone Idea, it'll pit the search giant against fellow American Facebook, which has picked up a stake in Jio platforms.
Other private and Facebook equity investors have cumulatively poured in around $10 billion in JIo Platforms. A possible accommodate with Google is probably going to assist Vodafone Idea garner much-required cash to pay the govt nearly Rs 58,000 crore in unpaid statutory dues, which were demanded following the AGR judgement.
There is rumor that as Jio raises money from global investors, there may be similar interests being evinced within the business of both Airtel and Vodafone Idea.