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RIL AGM 2020: Google will invest Rs 33,737 crore for 7.7% in Jio Platforms

With this investment Google becomes the second largest investor in Jio Platforms after social media giant Facebook that invested $5.9 billion (Rs 43,574 crore) for a 9.99% stake.

July 15, 2020 / 04:59 PM IST

Google will invest Rs 33,737 crore for a 7.7 percent stake in Jio Platforms Limited, becoming the latest A-list investor in the digital unit of Reliance Industries (RIL).

This investment by Google values Jio Platforms at an equity value of ₹ 4.36 lakh crore. Google’s investment will translate into a 7.73% equity stake in Jio Platforms on a fully diluted basis.

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The deal with Jio, which runs the telecom enterprise Jio Infocomm, India’s biggest, as well as movie, news and music apps, is not just a financial but also a strategic investment by the internet giant. Google has joined Facebook Inc, Intel Corp and Qualcomm as strategic partners in Jio.