Google to acquire 7.7% stake in Jio platforms for Rs. 33737 Crore

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Mumbai: Reliance Industries Chairman Mukesh Ambani during the 43rd AGM announced the company’s partnership with global search engine giant Google. As per the announcement, Google will invest Rs. 33737 Crore in Jio platforms to acquire 7.7 per cent stake.

“Google and Jio are partnering to build an Operating System that could power a value-engineered, entry-level 4G/5G smartphone. The Jio-Google partnership is determined to make India 2G-mukt” said Ambani.

He added that Jio has developed a complete 5G solution from scratch; this will enable us to launch a world-class 5G service in India. This will be ready for trial as a soon as 5G spectrum is available & can be ready for field deployment next year. After the rollout in the Indian market, Jio platforms would be well-positioned to be an exporter of 5G solutions to other telecom operators globally as a complete managed service.

Speaking on its partnership with RIL, Google said, “today we signed an agreement to invest $4.5 billion (INR 33,737 crore) in Jio Platforms Ltd, taking a 7.73 per cent 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”.

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