Exclusive: Amazon in talks to buy US$2 billion stake in Bharti Airtel: sources

NEW DELHI/HONG KONG: Amazon.com is in early-stage talks to buy a stake worth at least US$2 billion in mobile operator Bharti Airtel, three sources with knowledge of the matter told Reuters, underscoring the growing attraction of India's digital economy for U.S. tech giants.

The planned investment, if completed, would mean Amazon acquiring a roughly 5per cent stake based on the current market value of Bharti, which is India's third-largest telecoms company with more than 300 million subscribers.The discussions between Amazon and Bharti come at a time when global players are placing major bets on the digital arm of Reliance Industries, which owns Bharti's telecom rival Jio.

An Amazon spokeswoman said the company does"not offer comments on speculation of what we may or may not do in future."Bharti said they routinely work with all digital players to bring their products, content and services to customers."Beyond that there is no other activity to report," it said in a statement.

Amazon counts India as a crucial growth market where it has committed US$6.5 billion in investments mainly toward expanding its e-commerce footprint. The Seattle-based company has in recent years also expanded its digital offerings in India via its voice-activated speakers, video streaming and cloud storage, as it seeks to tap a rising number of internet and smartphone users in the country of 1.3 billion people.

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