During its 43rd Annual General Meeting (AGM), Reliance’s Chairman and Managing Director, Mukesh Ambani announced that Google will invest Rs. 33,737 crore ($4.5 billion) in Reliance’s Jio Platform. Jio is a subsidiary of Reliance. In return, Google will acquire a 7.7% stake in Jio.
Google will join other high profile tech companies including Facebook, Intel, Qualcomm to back the Jio platform. As of now, Jio has raised more than Rs. 1,50,000 crores ($20 billion) by selling a 33% stake of Jio.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “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 universalizing Internet usage to deepening the new digital economy and providing a prime mover to India’s economic growth.”
Reliance Jio was launched in 2015 and has around more than 400 million users across India. Earlier in the month, Jio also launched a video conferencing app called JioMeet.