Google's ₹7,500 crore investment for 1.28% stake in Airtel has been approved by the shareholders of the Indian telecom giant. A special resolution to approve Google's investment was approved by over 99% of the shareholders, according to the voting result of an extraordinary general meeting (EGM) held on February 26.
On January 28, Google announced investments worth $1 billion or about ₹7,500 crore in Airtel, which includes equity investment as well as a corpus for potential commercial agreements, to be identified and agreed on mutually agreeable terms over the course of the next five years.
Google said it will invest up to $1 billion in a partnership with Airtel as part of its Google for India Digitization Fund.
The investment comprises $700 million equity investment in Airtel at a price per share of ₹734 and $300 million will go towards implementing commercial agreements, which will include investments in scaling telecom's offerings that cover a range of devices to consumers via innovative affordability programmes as well as other offerings aimed at accelerating access and digital inclusion across India's digital ecosystem.
Also, majority of shareholders approved Airtel's proposal to spend ₹1.17 lakh crore in business transactions with subsidiaries – Indus Towers, Nxtra and Bharti Hexacom.
