Google to invest Rs 33,737 crore for 7.7% stake in Jio Platforms: Mukesh Ambani

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Mumbai, Ta. 15 July 2020, Wednesday

During the 43rd AGM (Annual General Meeting) of Reliance Industries, the company's chairman Mukesh Ambani today announced that it would invest Rs 33,737 crore in internet giant Google Reliance's Venture Geo platforms. Google is buying a 7.7 per cent stake in the company by investing Rs 33,737 crore in Geo platforms. Jio Platforms is a digital service venture of Reliance Industries, which includes telecom company Reliance Jio Infocomm.

This is Google's 14th investment since April 22. Earlier, money was invested in the company by several private equity firms, including Facebook and Qualcomm. "We welcome Google as a strategic investor in the Geo platforms," ​​said Mukesh Ambani during the company's AGM. We have partnered with Google and under the agreement, Google will invest Rs 33,737 crore for a 7.7 per cent stake in Geo Platforms. With this, Reliance has raised cumulative funds of up to Rs 2,12,809 crore in less than three months.

Google on Monday announced that it would invest 10 10 billion in digital technology in India over the next five to seven years. Sundar Pichai, CEO of Alphabet Inc., Google's parent company, said the Corona virus epidemic has helped people understand the importance of technology in business and personal life.

Ambani also mentioned that the total assets of the company were debt free. He said the March 2021 deadline was set by Reliance but long before that the company had become a zero-debt company. "The company's balance sheet is currently very strong to support the growth of its hyper-growth engines - Jio, Retail and O2C," he said.


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