Google to invest $1 bn in Airtel in partnership for cheap smartphones, 5G

Deal includes investment of $700 million to acquire 1.28 per cent ownership in Airtel.

US technology giant Google will invest up to $1 billion in Airtel in a partnership that will focus on affordable smartphones and create India-specific "use cases for 5G", said the telecom company on Friday.

The investment includes a $700 million equity investment in Airtel at a price of Rs 734 rupees per share and up to $300 million towards implementing commercial agreements, including investments in scaling Airtel's offerings, the companies said.

The share issue is subject to regulatory and shareholder approval and comes months after Airtel raised up to Rs 21,000 crore through a sale of shares to existing shareholders.

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