Google has become the latest company to partner with India’s top telecom networks, Reliance Jio Platforms investing $4.5 Billion for a 7.73% stake. The partnership was announced by Reliance Industries chairman Mukesh Ambani in the Reliance India Limited AGM 2020 today.
The investment will expand the benefits of digitization across the length and breadth of India, beyond the current 500+ million Internet users in the country. Both Jio and Google have also entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimizations to the Android operating system and the Play Store.
Facebook is the largest minority stakeholder with an investment of $5.7 Billion for a stake of 9.99 percent in Jio Platforms. With investment from Google, Jio Platforms, a subsidiary of Reliance Industries has raised over $20.6 Billion in the past four months from 14 investors by selling about 33% stake in the company.
Jio Platforms has so far received investments from strategic and financial investors such as Facebook, KKR, Vista Equity Partners, Saudi Arabia’s Public Investment Fund, Silver Lake Partners (two investments), Mubadala, General Atlantic, Abu Dhabi Investment Authority (ADIA), TPG, L Catterton, Saudi Arabia’s Public Investment Fund, Intel Capital and Qualcomm Ventures.