Airtel Shareholders Approves Rs 7,500 Crores Investment to Google

Bharti Airtel shareholders have approved the preferential shares of Rs 7,500 Crores investment to Google to buy a 1.28 per cent stake. Google’s acquisition was approved by more than 99 per cent of the shareholders, according to the voting result of an extraordinary general meeting (EGM) filed by Airtel. Google had investments worth about Rs 7,500 Crores in Bharti Airtel, which includes an equity investment and commercial agreements, to be settled on mutually agreeable terms in the next five years. Google invested as part of its Google for India Digitization Fund.

Bharti Airtel’s proposal to spend Rs 1.17 Lakh Crores in business transactions with subsidiaries Indus Towers, Nxtra and Bharti Hexacom was also approved by the majority of the shareholders. According to the EGM’s agenda, Bharti Airtel plans to invest Rs 88,000 Crores in business with Indus Towers, Rs 15,000 Crores for availing the services of Nxtra and transactions of over Rs 14,000 Crores with Bharti Hexacom. The company had mentioned 5G developments globally and in India as the main reasons to invest heavily in the telecom infrastructure firm.

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