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Google in advanced talks to invest $4 billion in Mukesh Ambani's Jio Platforms: report

The fresh funding bid comes just two days after billionaire Mukesh Ambani-led Jio Platforms raised Rs 730 crore in a investment round by Qualcomm Ventures, the investment arm of Qualcomm Incorporated, for a 0.15 per cent equity stake

twitter-logoBusinessToday.In | July 14, 2020 | Updated 16:02 IST
Google in advanced talks to invest $4 billion in Mukesh Ambani's Jio Platforms: report
Mukesh Ambani-led Jio Platforms has so far raised over Rs 1.18 lakh crore in last three months

Tech giant Google is reportedly in advanced talks to invest $4 billion in Jio Platforms, the digital services arm of Reliance Industries Limited (RIL). The fresh funding bid comes just two days after billionaire Mukesh Ambani-led Jio Platforms raised Rs 730 crore in a investment round by Qualcomm Ventures, the investment arm of Qualcomm Incorporated, for a 0.15 per cent equity stake. The latest investment in Jio Platforms was at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

The digital arm of the Reliance Industries has so far received thirteen investments in last three months, raising as much as Rs 1.18 lakh crore. The series of investments were made by marquee global companies and investors that include Facebook, Silver Lake Partners (two investments), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures. Such consecutive investments in Jio platforms have also helped RIL become zero net-debt company eight months before the deadline (March 2021) set by Chairman Mukesh Ambani.

Also Read: Mukesh Ambani surpasses Google co-founder Larry Page to become world's 6th richest

Meanwhile, RIL share price were trading 0.89 per cent lower at Rs 1,917 apiece on the Bombay Stock Exchange, while the benchmark BSE Sensex was down 1.8 per cent at 36,033. The stock of the energy-to-telecom conglomerate opened day's trade at Rs 1934.70 and hit an intraday high and low of Rs 1,941 and Rs 1,887.80, respectively.

Also Read: Jio, Reliance Retail gain in enterprise values, RIL's refining, chemical businesses lag behind

On Monday, RIL shares closed at an all time high of Rs 1934.30, buoyed by fresh round of investments by Qualcomm Ventures in its digital arm Jio Platforms. Share price of RIL ended 2.97 per cent or Rs 55.80 higher at Rs 1,934 against previous close of Rs 1,878 on BSE. Market cap of the Mukesh Ambani-led firm closed at Rs 12.26 lakh crore on BSE. The firm's market cap closed above Rs 12 lakh crore mark for first time ever.

BY Chitranjan Kumar

Also Read: Jio Platforms gets Rs 730 crore investment from Qualcomm: 5 things to know

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