Competition Commission of India approved Google’s investment of around $1 billion in Bharti Airtel for 1.28%.
“CCI approved the proposed combination based on amendments submitted by Acquirer (Google International LLC),” the agency said in a statement on Thursday.
Google and Airtel have executed an Investment Agreement (IA), according to which the acquirer proposes to acquire a minority and non-controlling stake of 1.28% of the equity share capital. Along with IA, Target has also entered into some commercial deals through acquirers and their associates.
The body said the companies also intend to enter into some other commercial arrangements in the future.
Google in January this year said it would buy 1.28% equity in India’s No. 2 telecommunications service provider Bharti Airtel for $700 million and $1 billion through a $300 million commercial agreement on mutual terms over the next five years. will invest up to
The investment comes on the back of the internet search giant investing $4.5 billion in Reliance Jio in July 2020, both part of the Google for India Digitization Fund, making it an investor in two rival telecom service providers in the sector. has gone.
Google has already partnered with Reliance Jio to launch a low-cost smartphone – JioNext – with a customized Android OS, as part of Google’s investment in Jio last year. Reliance Jio’s holding company Jio Platforms has also received a $5.7 billion investment from Facebook, now Meta, for a 9.99% stake.