Indian Economy News

Google to invest Rs 33,737 crore in Reliance Jio Platforms

  • IBEF
  • July 16, 2020

Reliance Industries announced a new stakeholder in Jio Platforms. It has added Google as a new strategic partner. Google plans to invest Rs 33,737 crore (US$ 4.79 billion) with a stake of 7.7 per cent. So far, the company has received an investment of Rs 1,52,056 crore (US$ 21.57 billion) from stakeholders.

Reliance Industries had sold stakes worth Rs 1,18,318.45 crore (US$ 16.79 billion), before the Google deal to other investors like Facebook, etc. Even in the time, when most companies are facing trouble because of the lockdown, Reliance Industries has managed to soar through by an increment of over 120 per cent since the lockdown began in mid-March. The company has attracted major investors and collaborators from the tech world including chipset makers Intel and Qualcomm.

It has managed to make space for itself in the list of top 50 most valuable publicly traded firms globally.

Mr Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “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."

Google CEO Mr Sundar Pichai also spoke at the Reliance AGM, confirming the tech company's strategic partnership in India with Jio Platforms.

Mr Sundar Pichai, CEO of Google and Alphabet, said, “Reliance Industries, and Jio Platforms in particular, deserve a good deal of credit for India’s digital transformation. The pace and scale of digital transformation in India is hugely inspiring for us and reinforces our view that building products for India first helps us build better products for users everywhere. Google is proud to invest Rs 33,737 crore (US$ 4.79 billion) into Jio. I am excited that our joint collaboration will focus on increasing access for hundreds of millions of Indians who don’t currently own a smartphone while improving the mobile experience for all."

43rd annual general meeting (AGM) was conducted by Reliance Industries for the first time through a virtual medium, given the current COVID crisis.

 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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