After Facebook agreed to buy a 10% stake in Jio Platforms, Reliance Industries has now confirmed the latest investment in Jio Platforms. During the Reliance AGM 2020 keynote, the company confirmed that internet search engine giant Google would invest Rs 33,737 crore in Jio platforms for a 7.7 percent stake. As the keynote speaker, Chairman and Managing Director of Reliance Industries, Mukesh Ambani confirmed the investment. This makes Google the latest global tech giants to invest in Jio platforms. Google joins Facebook, Qualcomm, and Intel as well as six investment firms and three sovereign funds. This means that Jio Platforms has taken investment from 14 investors in the last few weeks and that means it has raised Rs 1,52,056 crore.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said in a statement, “Google has empowered millions of Indians to access ancillary information and as such Jio is a force for change and innovation. We welcome Google onboard Do and are excited about us. ” Indians can be given a partnership, from using the Internet to deepening the new digital economy and making it a major proponent for India’s economic development. Also, we expect to play a strong facilitative role in the transformational journey of building a new, digital India.”
A few days ago Jio Platforms announced an investment by Qualcomm Technologies, which had Rs 730 crore for a 0.15 percent stake in the company. Google’s investment joins Qualcomm, Facebook, Silver Lake, Vista Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L. Catterton, PIF and Intel Capital. Reliance Industries is confident that the investment made by global tech giants will give it a technological advantage for the vision of Digital India for 1.3 billion Indians. Jio is working on technologies that are powered by key technologies such as broadband, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality, and blockchain.
What Google CEO Says
Sundar Pichai, CEO of Google and Alphabet, said in a statement, “Reliance Industries and Jio platforms, in particular, are a good deal for India’s digital transformation. The pace and scale of digital transformation in India are extremely inspiring for us. This reinforces the idea that building products for India, first of all, help us to create better products for users everywhere. Google is proud to invest 33,737 crores into Jio. I am excited that our joint collaboration will provide hundreds of Crore and will focus on increasing access to Indians who don’t own a smartphone while improving the mobile experience for all.