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.
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"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
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