Jio Platforms bags billions from Google

Jio Platforms bags billions from Google

Not content with attracting investment from Facebook, Microsoft, Intel and Qualcomm – among many more – Jio Platforms has now procured $4.5 billion (INR337 billion) from Google.

Reliance Industries confirmed that Google has acquired a 7.73% stake in its digital unit, pending regulatory approval. The search engine giant is hoping to improve smartphone penetration in India by introducing an appropriately priced device to the market, optimised for Android.

Sundar Pichai, the CEO of Google and parent firm Alphabet, said that the “pace and scale of digital transformation in India is hugely inspiring for us and reinforces our view that building products for India first helps us build better products for users everywhere”.

Reliance Industries chairman Mukesh Ambani said that Google’s investment would help to make internet usage more universal across India, and would strengthen the country’s digital economy.

Google noted that its investment in Jio Platforms marks the first step in its recently announced plan to invest INR750 billion into India.

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