Google investing $700 million in Indian telecom operator

Alphabet, the parent company of Google, is investing $700 million for a 1.28% stake in Bharti Airtel, India's second-largest mobile telco. It also is committing to invest another $300 million over five years, as part of strategic commercial partnerships.

Why it matters: The Silicon Valley giant is spreading its bets in the world's sixth-largest economy, having previously plugged $4.5 billion for a 7.7% stake in Reliance Industries subsidiary Jio Platforms. It also gives Airtel extra firepower for India's upcoming 5G spectrum auction, set for November.