The Competition Commission of India (CCI) on Friday gave its approval to Google's proposed acquisition of a 1.28% stake in Bharti Airtel.
Apart from the investment agreement through which the tech giant shall acquire a minority and non-controlling stake in the Indian company, the two have also entered into certain commercial deals, a CCI press release stated.
It appears that the combination has been given the green signal on the basis of certain modifications proposed by Google. A detailed order is awaited in this regard.
Google will invest up to $1 billion in the telecom major as part of its Google for India Digitization Fund. This includes a $700 million equity investment and up to $300 million towards potential multi-year commercial agreements, as reported by Economic Times.
In July 2020, Google had invested $4.5 billion (₹33,737 crore) in Jio Platforms, thus acquiring a 7.73% stake in the company owned by Mukesh Ambani's Reliance Industries.
Read the press release