Reliance Industries Ltd has said that after all requisite approvals, its subsidiary Jio Platforms Limited has received the subscription amount of Rs 33,737crore from Google International LLC, which is a wholly-owned subsidiary of Google LLC. "Jio Platforms Limited has allotted equity shares to Google International LLC, following which Google International holds 7.73% of the fully diluted equity share capital of Jio Platforms," the company said.
The Competition Commission of India (CCI) had approved US internet giant Google's proposal two weeks ago. This also paved the way for Google to jointly develop Android smartphones in India. The US-based internet major had moved the CII in September to get an all-clear for its investment in Jio Platforms.
Mukesh Ambani, during the Reliance Industries Annual General Meeting on July 15 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 had said. The investment by Google valued Jio platforms at an equity value of Rs 4.36 lakh crore.
Google's investment was the 14th investment in Jio Platforms since April 22 amounting to a total of Rs 152,055.45 crore. Other prominent investors in the company included Facebook, Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures.
The watchdog has already approved Facebook's acquisition of 9.99 per cent in Jio Platforms for Rs 43,574 crore, a move which would strengthen the social media giant's presence in its largest market.