Google To Invest Over Rs 33,737 Crore For 7.7 Per Cent Stake In Jio Platforms
By FnF Correspondent | PUBLISHED: 15, Jul 2020, 17:17 pm IST | UPDATED: 15, Jul 2020, 17:17 pm IST
Delhi: In its first virtual Annual General Meeting (AGM) 2020 as a result of Covid-19 pandemic, Reliance Industries Limited (RIL) Mukesh Ambani, chairman and managing director of RIL said Google to invest over Rs 33,737 cr for 7.7 pc stake in Jio Platforms.Amid the unprecedented condition, RIL has demonstrated its commitment to its stakeholders by exceeding its business targets. The group has met its goal of becoming net debt-free way ahead of schedule, which had set a target of March 31, 2021.The Group is expected to unveil different products under the Reliance Jio brand.
The company has received a series of investments with the latest being Qualcomm Ventures, the investment arm of Qualcomm Inc, which announced Rs 730 crore investment for a 0.15 per cent stake in Jio Platforms Ltd. It became the 12th such investment in the digital services subsidiary of RIL in over three months.In its virtual AGM, Ambani, the group chairman, also said its 5G service is dedicated to the Prime Minister Modi’s vision of ‘atmanirbhar bharat’ and will be “Made in India”The 5G service will be integrated with the 4G platform, said the chairman.Jio’s global-scale 4G and fiber network is powered by several core software technologies and components. It is this capability and know-how that positions Jio on the cutting edge of another exciting frontier – 5G, he said.