Jio Platforms season of joy seems to be getting better and better. And as expected, tech giant Google is expected to invest €4.5 billion (Rs 33,737 crore) for a 7.7% stake in Reliance Industries' digital subsidiary Jio Platforms. This was revealed by Reliance Industries Chairman Mukesh Ambani at the company's highly anticipated 43rd annual general meeting held on a virtual platform – its own JioMeet video conferencing service. With this announcement, Google becomes the second largest investor in Jio platforms. The biggest investor, of course, is its big rival Facebook, which invested €5.7 billion in April to get a 9.9% stake. Google and Jio have teamed up to create an operating system that can power an entry-level value-added 4G/5G smartphone, Mukesh Ambani said. Thanks to the huge investment from Google, Jio Platforms has raised more than €20.6 billion in the last 13 weeks from 13 investors by selling around 33% of the company's equity.
#RILAGM | President # MukeshAmbani's vision for @reliancejio in the next 3 years pic.twitter.com/xa5o2Hf9Zf15 July 2020
Google and its commitment
Google and Jio team up to create an operating system capable of powering an entry-level 4G/5G value-added smartphone. Mukesh Ambani Google Alphabet CEO Sundar Pichai said on Monday that his company is committed to investing €10 billion in India over 5 to 7 years. And in just two days, Google invested almost 50% of that amount in a business. Big tech like Facebook and Google making big investments reflect their confidence in Jio platforms as well as in the Indian market. At a time when the Indian economy is reeling from the impact of Covid-19, such votes of confidence from foreign investors portend that the country is making a swift recovery. Jio Platforms has amassed close to 390 million subscribers to become the first operator of the world's second largest Internet marketplace in less than four years of existence. Jio Platforms also offers other digital services such as streaming music player and a video conferencing app. Reliance Industries became a company with no net debt, well ahead of its target date of March 31, 2021, by selling more than 25% of Jio Platforms shares and disclosing a Rs 53,124 crore rights issue.#RILAGM | Another major announcement from CMD #MukeshAmbani on the 5G front indicates that this 5G product will be available for testing as soon as spectrum is available # 5GIsTHEFUTURE pic.twitter.com/jLEx078LEo July 15, 2020