At its annual grand meeting or AGM, Reliance backed Jio platforms get another investor or as in a strategic investor in the form of Google who will be investing as much as ₹ 33,737 crores. Google joins the elite groups of tech investors who have recently invested in Jio platforms like Facebook, Intel and Qualcomm.
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. With this, the total investment from financial and strategic investors into Jio Platforms stands at ₹ 1,52,056 crore. Jio plans to use this strategic partnership to a new level by getting help from Google to revolutionize growing digital India.
Mr Mukesh Ambani, Chairman and Managing Director of Reliance Industries, commented, “Google has empowered millions of Indians to access helpful information and, like Jio, is a force for change and innovation. We welcome Google onboard and are excited about our partnership for what it can deliver to Indians, from universalising Internet usage to deepening the new digital economy and providing a prime mover to India’s economic growth. Together, we hope to play a strong facilitative role in the transformative journey of building a new, Digital India.
Reliance backed Jio Platforms is growing strong with 388 million subscribers and its breakthrough in technology has helped the company to grow strong over the years. Not only as a telecom giant but it has also developed as a giant in retail, eCommerce, oil & petrochemicals, broadband, software services, cloud and lot more. Now having, Google by its side will help Jio transform the entire nation digitally in every segment possible.
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