August 6, 2020 | 12:35 PM IST
43rd AGM

In first-ever digital AGM, Ambani confirms Google to invest Rs 33k-cr

The Reliance Industries Limited held its first-ever virtual Annual General Meet (AGM) on Wednesday which was headed by Chairman Mukesh Ambani. During the 43rd AGM, Ambani announced that tech giant Google will invest Rs 33,737 crore for a 7.7% stake in Jio platforms. 

During the digital meet, Ambani said, “Google has empowered millions of Indians to access helpful information and, like Jio, is a force for change and innovation. We welcome Google onboard and are excited about our partnership for what it can deliver to Indians, from universalising Internet usage to deepening the new digital economy and providing a prime mover to India’s economic growth. Together, we hope to play a strong facilitative role in the transformative journey of building a new, Digital India.” 

He added, “The Jio-Google partnership is determined to make India 2G-mukt. We believe we can design entry-level 4G or even 5G smartphone for a fraction of its current cost. To power such a value engineered smartphone, we also need an equally value engineered smartphone operating system and such an operating System must be designed from grounds-up. Google and Jio are partnering to build just such Android-based smartphone operating system right here in India.”

Ambani said that Google values Jio platforms at an equity value of Rs 4.36 lakh crore. 

Google and Alphabet Chief Executive Officer (CEO) Sundar Pichai said, “Reliance Industries, and Jio Platforms in particular, deserve a good deal of credit for India’s digital transformation. 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. Google is proud to invest Rs 33,737 crore into Jio. I am excited that our joint collaboration will focus on increasing access for hundreds of millions of Indians who don’t currently own a smartphone while improving the mobile experience for all.” 

With this, Google will become the second-largest investor in Jio platform after social media giant Facebook invested Rs 43,574 crore for a 9.99% stake in April this year.

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