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Google is buying stake in Jio platforms for ₹33,737 cr

November 24, 2020

Google is buying stake in Jio platforms for ₹33,737 cr

Google is buying a 7.73% stake in Reliance Industries’ telecom and digital unit Jio Platforms for ₹33,737 crore as part of its recently introduced $10 billion India digitisation fund.

“Jio Platforms Limited, a subsidiary of the Company, these days signed binding agreements with Google International LLC pursuant to which Google might invest ₹33,737 crores for a 7.73% equity stake in Jio Platforms,” RIL said in a statement.

With this, the whole investment from monetary and strategic traders into Jio Platforms stands at ₹1,52,056 crore for a blended 32.97 % stake in Jio Platforms in approximately two months. Google is investing in Jio Platforms at a fair valuation of ₹4.36 lakh crore. The transaction is a concern to commonplace regulatory approvals.

“Google has empowered millions of Indians to get right of entry to useful records and, like Jio, is a force for exchange and innovation. We welcome Google onboard and are excited about our partnership for what it may supply to Indians, from universalizing Internet utilization to deepening the brand new digital economy and providing a top mover to India’s financial growth,” stated Mukesh Ambani, Chairman and Managing Director of Reliance Industries.

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