iNDICA NEWS BUREAU
Internet giant Google will invest Rs 33,737 crore ($4.49 billion) for a 7.7 percent stake in Jio Platforms, Mukesh Ambani said at the Reliance Industries annual general meeting, Indian media reported Wednesday.
The meeting was being live-streamed by Reliance Industries, the Indian corporate behemoth.
“Jio has developed a complete 5G solution from scratch that will enable us to launch a world-class 5G service in India,” Reliance chairman Ambani was quoted as saying.
He also said that Google and Jio are partnering to build an Android-based smartphone operating system.
Jio is also developing Jio TV Plus, the augmented reality Jio Glass, and more.
Ambani also gave out details about JioMeet, which is being sent to battle against the US-based Zoom that has emerged as a go-to software in the pandemic-induced world of virtual meetings.
He was quoted as saying that there would be no limits on the number of people or duration in JioMeet.
An RIL regulatory filing said Google is investing at an equity valuation of Rs 4.36 lakh crore, IANS reported.
“Jio Platforms Limited, a subsidiary of the Company, today signed binding agreements with Google International LLC pursuant to which Google would invest Rs 33,737 crore for a 7.73 per cent equity stake in Jio Platforms Limited on a fully-diluted basis. Google is investing at an equity valuation of Rs 4.36 lakh crore,” it said.
The transaction is subject to customary regulatory approvals.