Google is holding talks to buy a $ 4 billion stake in Jio Platforms, a technology firm belonging to Indian billionaire Mukesh Ambani, in an effort to join rival Facebook in pursuing growth in the Internet and e-commerce businesses.
Jio Platforms, which is the digital arm of Ambani’s Reliance Industries has attracted almost $16 billion from Facebook to KKR & Co. in the past three months.
If the deal was sealed, that would further improve Jio's credentials as it tries to expand its online retailing, streaming, digital payments, education and healthcare in the nation of 1.3 billion people.
Multinational technology companies, such as Facebook, Intel Corp. or Google are looking for multiple ways to attract a segment of the Indian market, with millions of internet users being added for the first time every month.
Jio Platforms, which has nearly 400 million customers through its wireless network, offers the largest base of online shopping and streaming through its cheap data service.
Jio's investment chain spurred a rise in shares of its parent company Reliance. The share price more than doubled from the low in March, rewarding the investors who will meet with Ambani at the group’s annual shareholders' meeting on Wednesday.
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