Reliance Industries has confirmed the latest investment in Jio Platforms. During the Reliance AGM 2020 keynote, the company confirmed that search giant Google will invest Rs 33,737 crore in Jio Platforms, for a 7.7 percent stake. In the keynote, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, confirmed the investment. This makes Google the latest global tech giant to invest in Jio Platforms. Google joins Facebook, Qualcomm and Intel as well as six investment firms and three sovereign funds. That means Jio Platforms has taken in investment from 14 investors over the past few weeks and means it has raised Rs 1,52,056 crore.
"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," says Mukesh Ambani, Chairman and Managing Director of Reliance Industries.
A few days ago, Jio Platforms announced the investment by Qualcomm Technologies, worth 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 by global tech giants will give it a technological advantage for its Digital India vision for 1.3 billion Indians. Jio is working on solutions that are powered by leading technologies, such as Broadband, Smart Devices, Cloud and Edge Computing, Big Data Analytics, Artificial Intelligence, Internet of Things, Augmented and Mixed Reality and Blockchain.
"Reliance Industries, and Jio Platforms in particular, deserve a good deal of credit for India’s digital transformation. The pace and scale of digital transformation in India is hugely inspiring for us and reinforces our view that building products for India first helps us build better products for users everywhere. Google is proud to invest ₹ 33,737 crore into Jio. I am excited that our joint collaboration will focus on increasing access for hundreds of millions of Indians who don’t currently own a smartphone while improving the mobile experience for all," says Sundar Pichai, CEO of Google and Alphabet.
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