Google is in advanced talks to buy a stake in Reliance Industries Ltd.’s digital arm Jio Platforms Ltd., according to people familiar with the matter.
The US technology company has been discussing an investment of about $4 billion, the people said, asking not to be identified because the information is private. An announcement could come as soon as the next few weeks, according to the people.
Details of the potential deal could change, and negotiations could still be delayed or fall apart, the people said. Representatives for Google and Reliance didn’t immediately respond to requests for comment.
Google would join Facebook Inc. and a slew of private equity firms piling into billionaire Mukesh Ambani’s technology venture, which has already attracted more than $15 billion of investments in just a few months. An arm of Qualcomm Inc. is the latest in Jio’s growing list of high-profile investors, who also include Silver Lake Partners and Mubadala Investment Co.
Google on Monday said it plans to spend $10 billion over the next five to seven years to help accelerate the adoption of digital technologies in India. Sundar Pichai, who was born in the country and is now chief executive officer of parent Alphabet Inc., said the outbreak of the coronavirus has made clear the importance of technology for conducting business and for connecting with friends and family.