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RIL AGM 2020: Nearly half of Google's India Digitisation Fund to go into Jio

Internet giant to pick up 7.7 percent stake in Jio Platforms for $4.5 billion.

July 15, 2020 / 11:14 PM IST

Global internet giant Google will invest about half of its promised Google For India Digitisation Fund of $10-billion into Reliance Industries’ digital arm Jio Platforms.

The announcement was made by RIL CMD Mukesh Ambani during the group's 43th Annual General Meeting (AGM).

The investment of $4.5 billion (Rs 33,737 crore) will be for a 7.7 percent stake in Jio Platforms.

Track all the updates on RIL AGM by following our LIVE blog here

Google For India Digitisation Fund was announced by CEO Sundar Pichai on July 13. The $10-billion fund is expected to invest money across businesses in India over the next five-seven years.

ALSO READ: Why are sworn rivals Facebook and Google coming together in India’s Jio?


"Today we signed an agreement to invest $4.5 billion (Rs 33,737 crore) in Jio Platforms Ltd, taking a 7.73 percent stake in the company, pending regulatory review in India. This is the first investment from the Google For India Digitization Fund announced earlier this week, which aims to accelerate India’s digital economy over the next five to seven years through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments," Google said in a statement.

The investment by Google—the 14th such deal in less than 13 weeks—takes the total stake that Reliance sold in Jio Platforms to a little over 33 percent. Mumbai-based RIL has now raised a combined Rs 1,52,056 crore from some of the world’s leading tech investors in the largest fundraising exercise by a company anywhere in the world.

RIL also announced a partnership with Google to build a smartphone operating system in India.

Follow all of our coverage on RIL's 43rd annual general meeting here.

Also read
- RIL 43rd AGM: Reliance Jio and Google partner to build an affordable Android-based 5G smartphone for India
- RIL 43rd AGM: Google will invest Rs 33,737 crore for 7.7% in Jio Platforms
- RIL AGM: Nearly half of Google's India Digitisation Fund to go into Jio
- RIL 43rd AGM: Jio develops made-In-India 5G solution
- RIL AGM key highlights: Mukesh Ambani announces Google deal; Jio readies 5G solution
- RIL AGM: Capital raise complete, now only look to add strategic partners, says Chairman Mukesh Ambani
- RIL AGM 2020: In its latest offerings, Reliance announces JioTV+ and Jio Glass
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- RIL 43rd AGM: Saudi Aramco deal has not progressed as per earlier timeline: Mukesh Ambani
- RIL AGM: JioMart successfully piloted, will expand beyond groceries
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- RIL AGM: No better partner for Indian startups than Jio, says Chairman Mukesh Ambani
- RIL AGM: Isha Ambani says JioMeet, Embibe helping students get access to quality education online

- RIL AGM: Isha Ambani says JioMeet, JioHealthHub to provide end-to-end digital health services

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Priyanka Sahay
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