Google is buying 7.73% stake in Jio Platforms

US-based technology giant Google, which is investing ₹33,737 crore in Jio Platforms for a 7.7% stake, will work with Reliance…
Google is buying 7.73% stake in Jio Platforms

US-based technology giant Google, which is investing ₹33,737 crore in Jio Platforms for a 7.7% stake, will work with Reliance Industries Ltd (RIL) to provide internet access to hundreds of millions of Indians, who do not have a smartphone, while improving the mobile experience for all.

With this, Google will be joining partners like Facebook, Silverlake, KKR, TPG, Intel and Qualcomm, among others.

As a result of Google’s investment, Jio Platforms has raised a total of Rs. 1,52,056 crores by selling 32.94 percent stake to various foreign investors.

Google recently said it will be investing $10 billion in India over the next five to seven years. With this investment, the company aims to consolidate its position in the digital ecosystem of the country. The company will be deploying these investments via a mix of investments and partnerships.

RIL’s Chairman & Managing Director, Mukesh D Ambani has announced that with Google’s investment, Reliance has turned completely debt-free. From now, it will only be accepting strategic investments.

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. Details about the launch of the new offerings are yet to be revealed, though.

“Getting technology into the hands of more people, it’s a big part of Google’s mission to organise the world’s information and make it universally accessible and usable,” Google CEO Sundar Pichai said during Reliance’s AGM as a guest appearance. “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 has empowered millions of Indians to access helpful information and, like Jio, is a force for change and innovation. We welcome Google onboard and are excited about our partnership for what it can deliver to Indians, from universalising Internet usage to deepening the new digital economy and providing a prime mover to India’s economic growth. Together, we hope to play a strong facilitative role in the transformative journey of building a new, Digital India,” said Mukesh D Ambani.

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