During his Annual General Meeting on Wednesday, Mukesh Ambani announced that Google would be investing Rs 33,737 crore in Jio, the digital arm of Reliance Industries which will get it 7.7% percent stake in Jio Platforms.
An earlier report in Bloomberg had hinted that a deal was in the offing.
Investment in JPL
• Google will invest Rs33,737 crore for a 7.8% stake in Jio Platforms Limited. This is not just a financial but a strategic investment by the Internet giant
• Thus, JPL has now four strategic partners Facebook, Intel, Qualcomm and Google. It has also six most admired technology and financial investors and three sovereign funds, taking the total tally of investors to 14. Total funds raised is Rs1,52,056 crore.
• The four strategic partners besides bringing in cash are also going to play a strategic role in shaping the future of Jio.