Google’s India search ends at Jio

Mumbai, July 15

Google has agreed to invest Rs 33,737 crore for a 7.7% stake in Reliance Industries’ technology venture and to cooperate on technology initiatives, including development of affordable smartphones, billionaire Mukesh Ambani said on Wednesday.

California-based Alphabet Inc joins Facebook Inc, which opened the investment cycle in Jio Platforms by picking 9.99% stake for Rs 43,573.62 crore, as well as chipmaker Intel Corp and Qualcomm Inc.

We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest Rs 33,737 crores for a 7.7% stake in Jio Platforms,” RIL Chairman Mukesh Ambani said at the company’s annual general meeting.

With Google coming on board, Reliance has completed its target of capital raising for Jio Platforms, he said.

With this deal, Reliance has sold 32.84% stake in Jio Platforms Ltd — the unit that houses India’s youngest but largest telecom firm Jio Infocomm and apps. In total, Jio has raised Rs 1,52,055.45 crore. Proceeds from the stake sales in Jio Platforms, along with the Rs 53,124 crore raised in a rights issue in June and sale of a 49% stake in its fuel retail network to BP last summer for Rs 7,629 crore will help the company become net debt-free, Ambani said. — PTI

RIL RAISES Rs2,12,809 CR IN LESS THAN 3 MONTHS

• With this deal, Reliance has sold 32.84% stake in Jio Platforms Ltd. The company has so far raised Rs1,52,055.45 crore
• RIL Chairman Mukesh Ambani said the cumulative fund raising by Reliance in less than three months is now Rs2,12,809 crore

Jio creates Made-in-India 5G solution

• RIL on Wednesday said Jio has developed a Made-in-India 5G solution that can be ready for field deployment next year, and has teamed up with Google for developing affordable smartphones

Covid hits RIL-Saudi Aramco deal

• Mukesh Ambani on Wednesday said his group’s planned stake sale in oil-to-chemical business to Saudi Aramco for an asking of $15 billion has not progressed as per original timelines due to the coronovirus pandemic