Reliance Annual General Meet 2020: Google To Invest Rs 33,737 Cr For 7.7 Pc Stake In Jio Platforms

 - Sakshi Post

MUMBAI: Google will pick up 7.7 per cent stake in Reliance Industries' technology venture for Rs 33,737 crore, chairman Mukesh Ambani said on Wednesday, July 15.

"We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest Rs 33,737 crores for a 7.7 per cent stake in Jio Platforms," Ambani said at the company's annual general meeting, as reported by a news agency.

For this, in less than three months, takes the cumulative fund raising by Reliance to Rs 2,12,809 crore, India's richest man said. This other investments include - Facebook and other investors in Jio Platforms and Rs 53,124 crore Rights Issue, and investment by BP in fuel retailing venture.

In addition, in the telecom sector, Jio also revealed that the company is developing Jio TV Plus, Jio Glass, and more. The company also announced details about JioMart and Jio 5G solution.

Ambani said, “Jio has developed a complete 5G solution from scratch that will enable us to launch a world-class 5G service in India.”

He said that Jio will provide 100 per cent home developed 5G and trials will start soon and will be ready for field deployment by next year.

Ambani also announced that Google and Jio are partnering to build an Android based smartphone operating system.

Ambani added, "It is in excess of our net debt of Rs 1,61,035 crore at the end of FY19-2."

"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."

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