Amazon to Buy $2 Billion Stake in Bharti-Airtel? Sunil Mittal-Owned Telecom Yet to Confirm
United States e-commerce major Amazon is reportedly in talks with Bharti Airtel to buy a stake worth USD two billion in the Indian telecom company. According to reports, Amazon is in the early stage to invest five percent at Airtel’s current market cap. However, Sunil Mittal-owned Airtel did not confirm the development.
Mumbai, June 4: United States e-commerce major Amazon is reportedly in talks with Bharati Airtel to buy a stake worth USD two billion in the Indian telecom company. According to reports, Amazon is in the early stage to invest five percent at Airtel’s current market cap. However, Sunil Mittal-owned Airtel did not confirm the development. Amazon India Creating Close to 50,000 Seasonal Jobs Amid COVID-19 Pandemic.
According to a report published in The Economic Times, Airtel said that it continuously looks for opportunities to engage with all OTT and digital players as partners It but has "no other activity to report". Airtel said in a statement stated, “We routinely work with all digital and OTT players and have deep engagement with them to bring their products, content and services for our wide customer base. Beyond that, there is no other activity to report.”
The report about Amazon looking to invest in Airtel was published by Reuters. For Amazon India is an important market. The US e-commerce giant is reportedly committed to spend USD 6.5 billion to expand its business in India. However, due to the outbreak of coronavirus, Amazon’s business in India has suffered a lot.
In April this year, Facebook also announced to invest Rs 43,575 crore in Jio Platforms for a 9.99 per cent stake. This investment by Facebook values Jio platforms at Rs 4.62 lakh crore pre-money enterprise value (Dollar 65.95 billion, assuming a conversion rate of Rs 70 to a US Dollar). Facebook's investment will translate into a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis. reports also surfaced that Google is planning to invest in Vodafonr-Idea.
(The above story first appeared on LatestLY on Jun 04, 2020 05:52 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).