Google To Invest Rs 33K Cr In Jio Platforms

Google has announced to invest 33,000 crores on the Jio platform competing with Facebook, which already invested 43,574 crores on the same platform. It comprises 45% of its investment in the Indian Market. It will acquire a 7.7% share in Jio platforms.

Sundar Pichai, the CEO of Google said that the funding will be focused on building products and services that are relevant to India’s unique needs and to empower the budding business in this journey of digital transformation. In addition to this, Google has also made a tie-up with Jio to develop an easily accessible smartphone with an optimized OS and play store. Sundar Pichai also said that the funding will be through the partnerships and operational, infrastructural investments highlighting that this is the reflection of their confidence in the future of India and its digital economy.

Silverlake, Vista Equity, General Atlantic, KKR, TPG and L Catterton, Intel, Qualcomm. Sovereign Wealth funds including the Abu Dhabi Investment Authority and Mubadala from the United Arab Emirates and the Public Investment Fund of Saudi Arabia are some of the other investors who acquired stakes at Jio.

Totally, in its aim to make the company net-debt free, Reliance has raised 2.21 lakh crore through its right issue, stakes at Jio platform, and its venture with BP.