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$10 Billion To Be Invested By Google In India


07/13/2020


$10 Billion To Be Invested By Google In India
Over the next five to seven years a total investment of $10 billion will be made by Alphabet Inc’s Google in India. This was reportedly told by the search giant's boss Sundar Pichai to the Economic Times newspaper of India on Monday. 
 
The target of this huge investment by Google will include purchasing stakes in large Indian companies as well as in niche digital service providers in the country.
 
This move by the company clearly signals its plans to expand and scale up operations of Google in India and create a strong position for itself in the fast growing digital ecosystem in eh country.
 
Further, this announcement by Pichai also comes very close to the heels of the closure of 12 round of funding by the Indian telecom giant Reliance Jio in which marque investors made investments worth billions in the company, including a $5.7 billion investment from the social media giant Facebook, over the last three months alone.
 
While saying that Google sees great opportunity for Digital India and is excited by it, Pichai said that as a company Google wants to commit itself to India.
 
"So building on our years of investment in India, we are launching a Google for India digitization Fund with a Rs 75,000 crore commitment which is $10 billion to be invested in India over the next five to seven years," he said.
 
In addition to investing in infrastructure such as building data centers etc., the investment from Google would also go towards investing in both large as well as small companies in India.
 
Rumours of Google holding talks to acquire a stake in Indian telecom firms Reliance Jio or Vodafone-Idea were neither confirmed nor denied by Pichai. He however said that the company will continue to build products out of India which will be scaled up globally like Google Pay.
 
"Using this fund we want to build new products and services, invest in companies that build new products and services that are deeply relevant in India. We want to scale beyond English and other vernacular languages as well," Pichain said.
 
A lot of focus on small and medium sized businesses will be made by Google in India with the aim of helping the companies in their digital journey in addition to helping them out with technology such as artificial intelligence, Pichai said.
 
Pichai also had a conversation with the Indian Prime Minister Narendra Modi on Monday.
 
"This morning, had an extremely fruitful interaction with @sundarpichai. We spoke on a wide range of subjects, particularly leveraging the power of technology to transform the lives of India’s farmers, youngsters and entrepreneurs," Modi tweeted
 
(Source:www.economictimes.com)