CCI Approves Google's Proposed 1.28 Per Cent Stake Purchase In Bharti Airtel

The Competition Commission of India (CCI) has approved Google’s investment of nearly $1 billion for 1.28 per cent stake in Bharti Airtel.

"The CCI approved the proposed combination on the basis of modifications offered by the Acquirer (Google International)," the competition watchdog said in a statement on Thursday (30 June).

Google and Airtel had executed an Investment Agreement (IA) per which the Acquirer (Google International) proposes to acquire a minority and non-controlling stake of 1.28 per cent of equity share capital.

Along with the IA, the acquirer and the target (Bharti Airtel) through their affiliates have also entered into certain commercial deals, the anti-trust body said.

The body added that the companies also intend to enter into certain other commercial arrangements in future.

Google had said in January this year that it will invest up to $1 billion in India’s second largest telecom services provider Bharti Airtel through an equity purchase of 1.28 per cent for $700 million and commercial agreement of $300 million on mutual terms over the next five years, reports Livemint.