Google to invest $4.5bn for a 7.7% stake in India’s Jio Platforms – The National

Google to invest $4.5bn for a 7.7% stake in India’s Jio Platforms – The National

The US tech giant joins other companies like Mubadala and Facebook who have taken up stakes in the digital platform

















People wait at a bust stop advertising Jio's wireless network services for mobile phones. Qualcomm's investment values Jio Platform's equity at about 4.91 trillion rupees, or $65.3bn. Reuters







Google is investing 337.4 billion Indian rupees ($4.5 billion/Dh16.5bn) for a 7.7 per cent stake in Jio Platforms, the digital arm of Reliance Industries.



The US tech giant joins a wave of other companies that have invested in Jio Platforms including Abu Dhabi Investment Authority, Mubadala Investment Company, Saudi Arabia's Public Investment Fund, Facebook, Intel Capital, KKR, TPG, General Atlantic, Silver Lake Capital and Vista Equity Partners.



US-based chip maker Qualcomm also acquired a 0.15 per cent share in Jio Platforms with a total investment of 7.3bn rupees earlier this week.



"We welcome Google onboard and are excited about our partnership for what it can deliver to Indians, from universalising Internet usage to deepening the new digital economy and providing a prime mover to India's economic growth,“ Mukesh Ambani, chairman and managing director of Reliance Industries said in a statement on Wednesday.



Reliance Industries