new Delhi. Making a major announcement at the company's 43rd annual general meeting, Mukesh Ambani, chairman of Reliance Industries, said that Google will invest Rs 33,737 crore to buy a 7.7 percent stake in Jio platforms. Addressing shareholders, Mukesh Ambani said that Google would invest Rs 33,737 crore to acquire a 7.7 percent stake in Jio Platforms.
Jio Telecom Enterprise operates Jio Infocomm, which is India's largest telecom company as well as the largest movie, news and music app. After Facebook, Intel Corp and Qualcomm, now Google has also become a strategic investor in Jio.
The investment by Google is the result of the 14th deal in 13 weeks. With this new deal, Reliance Jio has so far sold a total 33 percent stake in the platforms. Reliance will get a total capital of Rs 1,52,056 crore from this sale.
Jio has also received investments from six leading technology and financial investors as well as 3 sovereign funds. Facebook announced on April 22 to invest Rs 43,574 crore for a 9.99 percent stake in Jio Platforms. Reliance has since sold stake in global investors such as Atlantic, KKR, Saudi Sovereign Wealth Fund, Abu Dhabi State Fund, Saudi Arabia's PIF, Intel and Qualcomm to Jio.
This post was published on July 15, 2020 3:32 pm
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