Mukesh Ambani Makes Big Announcement at RIL AGM 2020; Google to Invest Rs 33,737 Crore in Reliance Jio For 7.7% Stake
Reliance Industries Limited Chairman Mukesh Ambani announced search engine giant Google will invest in Jio Platforms.
New Delhi, July 15: Reliance Industries Limited Chairman Mukesh Ambani, while addressing shareholders at his company's 43rd annual general meeting (AGM) virtually on Wednesday, announced that search engine giant Google will invest in Jio Platforms. "We will have a strategic partnership under which Google will invest Rs 33,737 crores for a 7.7 percent stake in Jio Platforms," Mukesh Ambani announced. Jio Investments: From Silver Lake to Facebook, KKR and Mubadala, Reliance Telecom Arm Has Bagged Deals With 6 International Firms Over 2 Months; See Full List And Details.
With this investment, Google has become the second-largest investor in Jio Platforms after social media giant Facebook that invested $5.9 billion (Rs 43,574 crore) for a 9.99 percent stake. "This is not just a financial but a strategic investment by the Internet giant. Thus, JPL has now four strategic partners - Facebook, Intel, Qualcomm and Google. It has also six most admired technology and financial investors and three sovereign funds, taking the total tally of investors to 14. Total funds raised is Rs 1,52,056 crore," Ambani added.
Reliance Annual General Meeting:
Prior to the big announcement, he welcomed companies that have invested in Jio Platforms. Reliance has secured funding for Jio Platforms from many global investors such as Facebook, Silverlake, KKR, TPG, Intel and Qualcomm, among others. Ambani has so far sold over 25 percent stake in Jio Platforms.
(The above story first appeared on LatestLY on Jul 15, 2020 02:22 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).