Google stock price has risen more than 1,200% over the past five years, making it the most valuable company in the world, according to a recent report by Axios.
In a move that could help Xom expand its market capitalization, the tech giant on Tuesday said it would invest up to $250 million in Google and the other top five technology companies, according the report.
Xom is an Indian conglomerate that has been a leader in artificial intelligence (AI) research, but is still struggling to find a niche for its technology.
The firm has also been slow to capitalize on its technology, and has been struggling to break into the U.S. market.
It recently bought up more than 10% of Facebook and Alphabet Inc. Alphabet, Google’s parent company, has recently begun taking a more aggressive stance in its search business, targeting more U.K. rivals and adding artificial intelligence services.
Xoom said it will invest up,300 million rupees ($35 million) into Google, and will pay an additional 2.5% to Google for its acquisition of Zune, a popular music streaming service.
The company will also pay Google an additional 3% for its sale of the Google search and search advertising business to Amazon.
The news comes just weeks after Google announced it would merge its mobile search and advertising business with Google Play in 2018.