Alphabet Inc.’s Google is in advanced talks to invest $4 billion for a stake in the digital arm of Indian conglomerate Reliance Industries Ltd., Bloomberg reported on Tuesday, citing people familiar with the matter. According to the report, the announcement is expected in the next few weeks.
Google declined to comment, while Reliance did not immediately respond to a request for comment. Investors including Facebook and KKR & Co. have already made a combined investment of $15.64 billion for just 25% in the combined platform. The funding spree, which began in late April, and a share sale by Reliance have helped make India the largest company by market value net debt.
The day after the report, Google said it would spend about $10 billion over the next five to seven years in India through equity investment and tie-ups, its largest commitment to a major growth market.
Reliance shares crossed some losses to trade down 0.7 per cent as of 0928 GMT, while down 1.68 per cent in the broader market.