Google to invest Rs 33,737 crore in Jio Platforms for 7.73% stake

Reliance Industries (RIL) chairman Mukesh Ambani on July 15 said that Google will invest Rs 33,737 crore in Jio Platforms for an equity stake of 7.73 per cent.

Google is investing at an equity valuation of Rs 4.36 lakh crore, said an RIL regulatory filing.

“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.

Speaking at the Annual General Meeting of RIL, Ambani said that he looks forward to working with investors in Jio Platforms in a collaborative way.

Making another major announcement, the RIL chairman said that Jio has designed a complete 5G solution and it will be available for trials as soon as spectrum is available.

About TNM NewsDesk

-

The News Mill is a Guwahati-based digital media with focus on content from across Northeast India and beyond. We can be reached through editor@thenewsmill.com

Previous

States to get funds from Centre for developing sport they have adopted: Rijiju

Film based in Shillong gets official selection for New York Indian Film Festival

Next