Global technology giant Google is "considering" to buy a stake of about 5 percent in Vodafone Idea, a report published in the Financial Times claimed today. The move could pit the US internet group in a battle against Facebook for the world's fastest-growing mobile market, the report said, quoting people familiar with the matter. Further, the report mentioned that the process was at a very early stage.
Vodafone Idea has a market evaluation of Rs 16,724 crore as of Thursday. Earlier last month, Facebook Inc agreed to invest $5.7 billion for a 9.99 percent stake in Reliance Industries' digital arm, Jio, which competes with Vodafone Idea and Bharti Airtel Ltd in India's telecom market.
"One of the people said Google was considering buying a stake of about 5 per cent in Vodafone Idea, a partnership between the UK telecom company and India's Aditya Birla Group that has been under severe financial strain. Another said the process was at a very early stage," the report read.