Alphabet's Google to Invest About $10 Billion in India's Digital Economy
July 13 2020 - 6:42AM
Dow Jones News
By Ben Otto
Alphabet Inc.'s Google plans to invest about $10 billion in
India's digital economy in the next five to seven years, an effort
that could give the U.S. tech giant a slice of a market in which
Facebook Inc. and other foreign companies are making inroads.
Sundar Pichai, chief executive of Google and Alphabet, said
Google has created an India digitization fund and would invest via
a mix of equity investments, partnerships and investments in
operations and infrastructure.
He said spending would focus on efforts such as leveraging
artificial intelligence in areas such as health, education and
agriculture, as well as helping businesses undergo digital
transformations.
"This is a reflection of our confidence in the future of India
and its digital economy," Mr. Pichai said.
"Our goal is to ensure India not only benefits from the next
wave of innovation, but leads it," he said.
In April, Facebook said it would invest $5.7 billion to become
the largest minority shareholder in telecommunications and
technology giant Jio Platforms, a subsidiary of Indian conglomerate
Reliance Industries Ltd.
Write to Ben Otto at ben.otto@wsj.com
(END) Dow Jones Newswires
July 13, 2020 06:27 ET (10:27 GMT)
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