Google buys 7.7% of Reliance’s digital unit Jio for $4.5bln – ZAWYA

Google buys 7.7% of Reliance’s digital unit Jio for $4.5bln – ZAWYA

Google buys 7.7% of Reliance's digital unit Jio for $4.5bln | ZAWYA MENA Edition HomeMarketsEquitiesArticleGoogle buys 7.7% of Reliance's digital unit Jio for $4.5bln Reliance's digital unit Jio Platforms houses music and movie apps but its mainstay is telecoms firm Jio Infocomm    FILE PHOTO: A woman checks her mobile phone as she walks past a mobile store of Reliance Industries' Jio telecoms unit, in Mumbai, India, July 11, 2017. NEW DELHI - India's Reliance Industries on Wednesday said Alphabet Inc's Google will buy a 7.7% stake in its digital unit for $4.5 billion, winning the backing of another U.S. tech giant after Facebook Inc in late April.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.($1 = 75.1590 Indian rupees)(Reporting by Sankalp Phartiyal, editing by Louise Heavens) (([email protected]; +91-11-49548064;)) Most Read Stock Market DataDubai FM 2,048.20162,275,263(-0.22% )Abu Dhabi SE 4,221.10848,177,968(-1.56% )Saudi