- Google is reportedly in talks to buy a stake in Mukesh Ambani’s Jio Platforms, which has been valued at $65 billion.
- Facebook said it was investing $5.7 billion in Jio Platforms in exchange for a 9.9% stake in April.
- Several other U.S. investors have also bought shares in the company.
Google is in “advanced talks” to invest $4 billion in Indian telecommunications firm Jio Platforms, according to a report from Bloombergon Tuesday.
The announcement could come in the next few weeks, sources familiar with the matter reportedly told Bloomberg. However, it could be delayed or canceled altogether, and the details are still being ironed out.
Google and Reliance Industries did not immediately respond to CNBC’s request for comment.
If the deal were to go ahead, then Google would become the latest U.S. tech giant to back Jio Platforms, which is owned by Mukesh Ambani’s Reliance Industries. Facebook announced a $5.7 billion investment in the company in April and Intel invested $250 million earlier this month. Last month, UAE sovereign wealth fund Mubadala revealed it was investing $1.2 billion in the company, while Saudi Arabia’s Public Investment Fund put in $1.5 billion.
Jio Platforms operates the Jio Infocomm telecom network, which has amassed over 388 million 4G subscribers since launching in 2016. Today it is India’s top telco, and also has several apps and other services in e-commerce and broadband.
Read more on Bloomberg’s website here.