In a mega-investment announcement, Reliance Industries (RIL) Chairman Mukesh Ambani on Wednesday, July 15, said that Alphabet Inc's Google will invest $4.5 billion or Rs 33,737 crore in Jio Platforms for an equity stake of 7.73 per cent, winning the backing of another US tech giant after Facebook in late April.
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.
With Google's investment, strategic and financial investors have committed a total of 1.52 trillion rupees ($20.22 billion) in the last few months, Reliance chairman and billionaire tycoon Mukesh Ambani said at the company's annual shareholders meeting hosted via a webcast.
Reliance's digital unit Jio Platforms houses music and movie apps but its mainstay is telecoms firm Jio Infocomm - India's largest mobile carrier with more than 387 million users.
(With agency inputs)