Left Menu
Development News Edition

Amazon in talks to buy $2 bln stake in Indian telco Bharti Airtel-sources

Reuters | New Delhi | Updated: 05-06-2020 18:25 IST | Created: 04-06-2020 15:22 IST
Amazon in talks to buy $2 bln stake in Indian telco Bharti Airtel-sources
File Photo. Image Credit: ANI

Amazon.com is in early-stage talks to buy a stake worth at least $2 billion in Indian mobile operator Bharti Airtel, three sources with knowledge of the matter told Reuters, underscoring the growing attraction of India's digital economy for U.S. tech giants.

The planned investment, if completed, would mean Amazon acquiring a roughly 5% stake based on the current market value of Bharti, which is India's third-largest telecoms company with more than 300 million subscribers. The discussions between Amazon and Bharti come at a time when global players are placing major bets on the digital arm of Reliance Industries, which owns Bharti's telecom rival Jio.

Reliance's digital unit has raised $10 billion in recent weeks from Facebook, KKR, and others. The talks between Bharti and Amazon are at an early stage and the deal terms could change, or an agreement may not be reached, said two of the three sources, all of whom declined to be identified because the discussions are confidential.

An Amazon spokeswoman said the company does "not offer comments on speculation of what we may or may not do in future." Bharti said they routinely work with all digital players to bring their products, content, and services to customers. "Beyond that, there is no other activity to report," it said in a statement.

Amazon counts India as a crucial growth market where it has committed $6.5 billion in investments mainly toward expanding its e-commerce footprint. The Seattle-based company has in recent years also expanded its digital offerings in India via its voice-activated speakers, video streaming, and cloud storage, as it seeks to tap a rising number of internet and smartphone users in the country of 1.3 billion people.


TRENDING

OPINION / BLOG / INTERVIEW

Why COVID-19 is unstoppable in USA despite it being ranked at the top of GHS Index?

Several worst-hit countries such as Italy, France, Spain, the UK, Canada, and Russia have peaked COVID-19 cases in April. Almost all of them have gradually flattened the curve. However, the USA is setting new daily records of infections tha...

COVID-19 seems cooking biggest ever global scam

The increasing number of corruption cases on COVID-19 funds from throughout the world and involvement of high profile persons indicate that the countries cant ignore corruption in their pandemic response programs. This has generated the nee...

Health Management Information Systems lack holistic, integrated, and pandemic resilient character

Being a part of the United Nations system, the World Health Organization WHO deserves its share of rebuke for its alleged failure issue COVID-19 health emergency alerts on appropriate time. However, the pandemic has also exposed loopholes i...

Pride in the time of coronavirus: a welcome move online?

This year is different in many ways not least as celebrations are also taking place against the dramatic backdrop of a global health crisis and a resurgence in grassroots activism following the death of George Floyd in Minneapolis. ...

Videos

Latest News

Man booked for jumping quarantine in HP's Hamirpur

A man was booked for jumping home quarantine in a village of Himachal Pradeshs Hamirpur district, police said on Saturday. The accused is a resident of Ladehra village and the case was filed against him on the complaint of Sub-divisional m...

Traders' body protests after Chinese JV bids for 44 Vande Bharat trains

In a letter to Railway Minister Piyush Goyal, the Confederation of All India Traders CAIT has urged that a Chinese firm be disallowed from participation in bids, a day after it emerged as the only foreign player for the Railways global tend...

7 police personnel test positive for COVID-19 in Kolkata

At least seven police personnel of Kasba police station here have tested positive for COVID- 19, sources in the Health department said on Saturday. One sub-inspector SI, three assistant sub-inspectors ASIs and three others have tested posit...

MP: Picnic spots closed in Indore district

No picnicking would be allowed in Madhya Pradeshs Indore district in view of the coronavirus pandemic, the local administration said on Saturday. District Collector Manish Singh said in an order that all the picnic spots in the district wil...

Give Feedback