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Jio Gets Rs. 33,737 Crores Investment From Google for 7.7 Percent Stake



Google is investing Money On Wednesday, Rs 33,737 crore was announced for the 7.7 percent stake of Reliance Industries Limited (RIL) in Jio platforms.

Jio platforms worth Rs. New development comes only a few days after being received. 730 crore investment from Qualcomm Ventures. The telecom arm of the Indian group recently raised its small stake to Intel's investment arm for Rs. Sold in 1,894.50 crore.

The fresh investment is a part of Google's India Digitization Fund which costs Rs. 75,000 crores. As a result of Google's investment, Jio Platforms raised a total of Rs. 1,52,056 crore by selling 32.94 percent stake to various foreign investors. "We have signed a partnership and an investment agreement with Google," said Mukesh Ambani, Chairman and Managing Director of Reliance Industries, addressing investors at the company's 43rd Annual General Meeting (AGM).

The transaction is subject to regulatory and other customary approvals. Airtel, Vodafone Idea lost 7.5 million subscribers in March: TRAI reiterated, the latest investment is a part of Google's digitization fund which was announced by the search giant at the Google for India virtual event on Monday. Jio Platforms and Google have entered into a strategic agreement to develop an Android-based operating system and bring in an entry-level Android smartphone that houses the Play Store. However, details about the launch of the new offerings have not yet been revealed. Google Chief Executive Sundar Pichai said as a guest during Reliance's AGM, "Google's mission to get technology into the hands of more people, organize the world's information and make it universally accessible and useful Is a big part of it. " “Through this partnership with Jio Platforms, we see an opportunity to have an even greater impact that either company can do alone.

This partnership is an important part of Google's next chapter of investment in India. Jio SecureID in Works as a single sign-in and authentication system Pichai said that the investment in Jio platforms is the largest by Rs. 75,000 crore quota which will be applicable in the Indian economy in the next five to seven years.

Other major investments Earlier this week, Qualcomm Ventures announced the acquisition of a 0.15 percent stake in Reliance's Jio platforms. 730 crores.

 That partnership was specifically targeted to help "roll out enhanced 5G infrastructure and services for Indian customers", although the government is still not closing 5G auctions in the country.

Apart from Qualcomm, Intel and Facebook are the other two tech companies that have invested in Jio platforms in the last three months.

Telco attracted global equity firms including Silver Lake, TPG, and El Catterton as well as funds such as the Abu Dhabi Investment Authority (ADIA) and Saudi Arabia's Public Investment Fund (PIF). Zero-debt Reliance Industries has raised a total of Rs. 2,12,809 crore, which is more than its net debt. 1,61,035 crore at the end of the financial year, 63-year-old Ambani said in the AGM. He said, "This is unprecedented in the history of capital markets in India; in fact, there will be very few similarities globally."

Jio Platforms has helped Reliance to emerge as a zero-lending company in the Indian economy, due to its large user base. Telco initially attracted a large number of customers by offering affordable 4G data connectivity. However, it changed the business and expanded its reach by introducing solutions including Jio Fiber and JioMeet.

JioMeet:

Everything you need to get started JioMeet solution saw 50 lakh downloads in its launch days, Ambani told investors at AGM. The video conferencing solution was initially spotted in May, although it was officially launched earlier this month. It was initially a mockery of the video conferencing app Zoom, although it recently received an update to differentiate the experience somewhat.

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