Google is investing another $1 billion in India's smartphone market
CNN
Google is investing up to $1 billion in a major Indian telecom company, a move it hopes will drive down the cost of smartphones in a huge and rapidly expanding market.
Google (GOOGL) said in a statement Friday that it would invest $700 million in Bharti Airtel, India's second-largest telecom operator, and acquire a 1.28% stake in the company. An additional $300 million would be used for potential multi-year commercial agreements, the companies added.
According to Airtel, the two companies want to work with device manufacturers to "bring down the barriers of owning a smartphone across a range of price points." They also expect to work together on 5G and cloud services in the country.
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