Today, the share price of Airtel went up 6% as soon as the Indian market opened. Bharti Airtel announced a long-term strategic partnership with US tech giant Google.
Bharti Airtel will issue 71.2 million shares to Google on a preferential basis at Rs 734 per share. After issuing these shares, Google will own a 1.28% stake in Bharti Airtel.
In addition to buying a stake worth 700 million, Google will also invest an additional $300 million so that the company will implement several commercial agreements such as scaling up Airtel’s offering.
Airtel and Google will be open to exploring more opportunities such as making affordable smartphones accessible.
Google and Alphabet CEO Sundar Pichai said that his investment in Airtel through Google for India Digitization Fund is another step in the direction of continuing the motive of smartphone access, better connectivity, and helping companies in their digital transformation journey in India.
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