Mukesh Ambani-led Reliance Industries, India’s most valued firm, is getting investment over Rs 33,737 crore from Google for a 7.7 % stake in Jio Platforms. Ambani confirmed Google’s investment during the 43rd AGM. With this investment Jio Platforms taking the string of investments well over Rs 152,000 crore by selling 32.94 percent stake to various foreign investors.
“We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest Rs. 33,737 crores for a 7.7 percent stake in Jio Platforms,” Ambani said at the company’s annual general meeting.
The fresh investment is a part of Google’s India Digitisation Fund worth Rs. 75,000 crores which Google announced a couple of days back in Google for India event. Jio Platforms and Google have also entered a strategic agreement to develop an Android-based operating system and bring an entry-level Android smartphone that has Google Play store.
“Getting technology into the hands of more people, it’s a big part of Google’s mission to organize the world’s information and make it universally accessible and usable. Through this partnership with Jio Platforms, we see the chance to have an even greater impact that either company could have alone. This partnership is a key part of Google’s next chapter of investment in India,” Google CEO Sundar Pichai said during Reliance’s AGM as a guest appearance.