Alphabet’s Google is exploring an funding in Vodafone Group’s struggling India enterprise, the Monetary Occasions reported on Thursday, citing individuals aware of the matter. Google is contemplating shopping for a stake of about 5 p.c in Vodafone Concept, the FT reported, citing one of many individuals. The method is at an early stage, in line with the report.
“Google dad or mum Alphabet has additionally held talks about buying a stake in Jio however has lagged behind its rival in securing a deal. Pursuing Vodafone Concept as an alternative would doubtlessly pit Google towards Fb and an more and more dominant Jio however the firm may additionally make a number of investments in India,” the FT wrote within the report.
Vodafone mentioned it doesn’t touch upon market hypothesis, whereas Google didn’t instantly reply to a request for remark.
Final month, Fb agreed to speculate $5.7 billion (Rs 43,574 crores) for a 9.99 p.c stake in Reliance Industries’ digital arm, Jio, which competes with Vodafone Concept and Bharti Airtel in India’s fiercely aggressive telecom market. Jio has additionally secured investments from Silver Lake, Vista Fairness Companions, Common Atlantic, and KKR. Reuters earlier in the present day reported that Abu Dhabi state fund can also be in talks with Reliance for a attainable funding in Jio.