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Google to invest Rs 33,737 crore in Jio Platforms

Mukesh Ambani, during the Reliance Industries Annual General Meeting on Wednesday announced that Google would invest Rs 33,737 crore in Jio Platforms

twitter-logoBusinessToday.In | July 15, 2020 | Updated 15:15 IST
Google to invest Rs 33,737 crore in Jio Platforms

Mukesh Ambani, during the Reliance Industries Annual General Meeting on Wednesday announced that Google would invest Rs 33,737 crore in Jio Platforms. "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 crore for a 7.7% stake in Jio Platforms," he said.

Google is the latest tech giant to invest in Jio Platforms after Facebook, Qualcomm and Intel. Google's is the 14th investment since April 22 amounting to a total of Rs 152,055.45 crore.

"Google and Jio Platforms have entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimizations to the Android operating system and the Play Store. Together we are excited to rethink, from the ground up, how millions of users in India can become owners of smartphones. This effort will unlock new opportunities, further power the vibrant ecosystem of applications and push innovation to drive growth for the new Indian economy," stated the tech giant.

Facebook, Silver Lake Partners (two investments), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures are the companies that have invested in Jio Platforms.

During his keynote speech, Mukesh Ambani thanked the investors, starting with Facebook. "I welcome Facebook, a global tech powerhouse and a leading social media and internet company as our premier strategic partner. Intel and Qualcomm, who have shaped the semi-conductor industry, are at the heart of the digital ecosystems. Reliance will work with them to develop new products for India and Indians. We welcome ADIA and Mubadala of the UAE, and PIF of Saudi Arabia as our valued partners. What they bring is more than money - they bring faith in our economy's immense growth potential," said Ambani.

Also read: RIL AGM Live Updates: Now, Jio has both Google and Facebook among investors!

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