The ICC said in a press release that Google SARL plans to acquire a non-controlling minority stake in the telecommunications provider, adding that the two parties have also reached certain commercial agreements.
“The Commission has approved the proposed combination based on changes proposed by the acquirer (Google),” the press release reads, adding, “The parties also intend to enter into certain other commercial agreements in the future.” .
In January 2022, Airtel announced that Google would invest $700 million to buy a 1.28% stake in the company at a price of ₹734 per share. On Thursday, shares of Airtel closed down 0.4% on BSE at ₹684.
US-based Google is making the acquisition through a holding company, Google Investments LLC, which is a subsidiary of Delaware-based Alphabet Inc.. It will invest an additional $300 million through various other business deals in areas such as making affordable smartphones and investing in cloud adoption.