US-based search giant Google will invest Rs 33,737 cr in Jio Platforms, the digital arm of Reliance Industries, Mukesh Ambani, chairman of the Indian group, said today.
The US company will pay Rs 33,737 crore to acquire a 7.7% stake in the telecom and app company.
Reliance Group has raised Rs 2.12 lakh cr (trillion) in recent weeks as part of an attempt to make it a zero debt company before next year.
The company is already zero debt, Mukesh Ambani said.
“Out target for capital raising is now complete, and we now look forward to only adding strategic partners who share our vision,” Mukesh Ambani said.
Jio Platforms will become one of the rare companies in the world where both Facebook and Google are shareholders.
Other investors in Jio Platforms include PE firms like KKR, Silverlak, Catterton, General Atlantic, Vista Equity Partners and TPG, as well as strategic investors like Intel and Qualcomm.
The investments are likely to help these companies ensure a share of the pie as Mukesh Ambani is expected to be the king of India’s broadband and communication segment.
Strategic investments by Intel, Qualcomm, Facebook and Google will help these companies forge partnerships — such as joint products — going forward.
Mukesh Ambani said Jio Fiber has already connected 10 lakh users and will be ramped up in coming days.
Ambani also gave a peek into the pitch that the company made to investors like Facebook and Google, by announcing that his company will come up with a large number of solutions that can have a global application.
The first such application that has been developed is a ‘5G network from scratch’, he added, and said more are on the way.
