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RIL AGM: Google to invest Rs 33,737 crore in Jio platforms

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Reliance Industries on Wednesday said, “Google will be investing Rs 33,737 crore for a 7.7 percent stake in Jio Platforms Limited.”

Speaking at the Reliance Industries 43rd Annual General Meeting on 15 July 2020, Reliance Chairman Mukesh Ambani 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 India, from universalizing 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,” he added.

In a statement issued, Google said, “We signed an agreement to invest $4.5 billion (INR 33,737 crore) in Jio Platforms Ltd, taking a 7.73 percent stake in the company, pending regulatory review in India. This is the first investment from the Google For India Digitization Fund announced earlier this week, which aims to accelerate India’s digital economy over the next five to seven years through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments.”

Commenting on the investment, Sundar Pichai, CEO of Google said, “I am excited that our collaboration will focus on increasing access for hundreds of millions of Indians who don’t own a smartphone.”

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