Google invests billions of dollars in Indian company Reliance Jio
Google announced this week that it would invest 10 10 billion in India, and now the US company has bought a 7% stake in major broadband, mobile services and online commerce platform Geo for 4 4.5 billion.
The announcement was made by Google on Wednesday and is currently awaiting administrative approval as part of a ارب 10 billion investment to be made over the next five to seven years.
Earlier this year, Facebook also bought a 9.9 percent stake in the Geo platform for 7 5.7 billion.
It should be noted that the Geo Platform is part of Reliance Industries which focuses on technology products.
Google said in a statement that it would work with Geo to develop a cheaper smartphone.
Reliance Industries Chairman Mukesh Ambani said the two companies would jointly design a low-cost entry-level Android phone.
It's not clear if the project will be part of Google's low-cost Android project Android Go.
Google said it expects investment in the Geo platform to help bring smartphones to more people, especially in India, where very few people have access to the Internet and smartphones.
The investment comes as India seeks to reduce its reliance on Chinese companies.
Recently, the Indian government had banned 59 Chinese companies, including Tik Tak.
It may be recalled that on July 13, Google Chief Executive Officer Sundar Pachai announced the establishment of the Google for India Digitization Fund during the company's annual event in India, under which the company will spend Rs 10 billion over the next 5 to 7 years. Will invest dollars.
The fund will ensure investment availability for local technology companies, partnerships, and infrastructure, Sundar Pachai said.
The company will focus on four areas, including language-based services, helping local companies become part of the digital world, and providing services tailored to local needs.
The fourth sector will be based on the use of AI technology for health, education, and agriculture.
In recent months, major technology companies have increased their investments in India.
Facebook has invested billions of dollars in Reliance Jio, while Apple has announced that it will open its first retail store in 2021.
Google's announcement comes as India takes action against China's technology services and bans a number of apps, while the Indian government has banned online stores and platforms (such as Amazon). It has also announced to tighten the rules regarding companies.
In May this year, the Financial Times reported that Google was considering buying a 5% stake in Vodafone Idea, India's second-largest telecom company.
According to the Financial Times, Google is also in talks with Vodafone and Geo Reliance.
Over the past decade, Facebook and Google have paid close attention to India and started working on various programs aimed at bringing more people online.
Facebook founder Mark Zuckerberg said in April that his company would work with Geo Platforms to help bring small businesses and individuals online, and the two companies have begun working together.
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