Google plans to invest Rs 33,737 crore in Jio Platforms

Several multinational companies have shown interest in Jio Platforms in recent times. This time, it is none other than the global search engine, Google, which is planning to invest Rs 33,737 crore in RIL subsidiary, Jio Platforms Limited.

The announcement was made by Reliance Industries Limited (RIL) on Wednesday. With this, Google becomes the second biggest investor after Facebook to invest in Jio Platforms. Google’s investment in Jio Platforms translates into a 7.73 per cent equity stake, on a fully-diluted basis. In three months, with the help of financial and strategic investors,  Jio Platforms stands at Rs 1,52,056 crore.

This investment will accelerate the path of India’s digitalisation. Jio Platforms and Google have also entered into a commercial agreement of developing an affordable smartphone with optimisation to Android operating system and Play Store.

The collaboration will focus on providing access to people in India, who currently do not own a smartphone while, at the same time, improving mobile experience for everyone.

A majorly owned Reliance Industries subsidiary, Jio Platforms is focussed on providing high quality and affordable digital services in India with more than 388 million subscribers.

After the company’s annual general meeting (AGM), the stock of Reliance Industries Ltd dropped by 3.71 per cent on Wednesday and closed at Rs 1,845.6 on BSE.