At the 43rd Annual general meeting of Reliance Industries Limited, It’s Chairman Mukesh Ambani announced that Alphabet’s Google will invest 33,737 Crore in Jio Platforms for a 7.7 per cent.
This development comes just 2 days after the Google announced that it plans to invest $10 billion ( Rs 75,000 Crore) in India in the next 5-7 years.
“This is not just a financial but a strategic investment by the Internet giant. Thus, JPL has now four strategic partners – Facebook, Intel, Qualcomm and Google. It has also six most admired technology and financial investors and three sovereign funds, taking the total tally of investors to 14. Total funds raised is Rs 1,52,056 crore,” Ambani said,
Jio Platforms, a majority-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.
In a period of less than 3 months, Jio Platforms had received investment commitments worth Rs more than 1.52 Lac Crore from 14 Investors for a total stake of 32.94%.
Reliance is now truly a zero Net Debt company, well ahead of my goal of March 2021. It has an extremely strong Balance Sheet that will support growth plans for its three Hyper-Growth Engines — Jio, Retail and O2C: Mukesh Ambani said.
He said, Jio Platforms is conceived with the vision of developing original, captive intellectual property, using which we can demonstrate transformative power of technology across multiple ecosystems – first in India, and then rest of world.
“Our world will change more in next 8 decades than it did in last 20 centuries. India can lead this change if its enterprises are empowered with necessary tech infrastructure and capabilities. This is Jio’s purpose, and ambition”Mukesh Ambani Added
He said, “Jio has designed and developed a complete 5G solution from scratch. It will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year”.