Google to invest Rs 33,737 cr in Jio Platforms for 7.7% stake

  •  July 15,2020 By IndianTelevision Team

KOLKATA: Putting an end to the speculations floating around, Jio has welcomed Google as its new strategic partner. At the 43rd annual general meeting of Reliance Industries Ltd (RIL), CMD Mukesh Ambani made the announcement.

The business tycoon said that Google will invest Rs 33,737 crore for 7.7 per cent stake in Jio Platforms. The giants have signed a binding partnership and an investment agreement.

“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 per cent stake in Jio Platforms,” Ambani stated.

Google becomes the latest US tech giant to back Jio Platforms. Facebook started the series of investment by with a Rs 43,573.62 crore deal in April. Intel invested Rs 1,894.50 crore earlier this month. 

He also stated that the company has fully kickstarted five accelerators of growth of digital connectivity: mobile broadband, JioFiber, Jio’s enterprise broadband, broadband for SMEs, and Jio’s Narrowband internet-of-things.

Notably, Ambani has announced a significant development on the traditional side of Jio’s business. Jio has designed and developed a complete 5G solution from scratch. It will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year.