In what could be referred as Indian version of Apple WWDC, the first-ever virtual Reliance Annual General Meeting (AGM) 2020 has now revealed that Google is the latest technology company after Intel and Qualcomm that will help Mukesh Ambani’s Jio Platforms expand further in India. Google will invest Rs 33,737 crores for a 7.7 percent stake in Jio Platforms.
Expressing excitement to welcome another strategic partner at the 43rd Reliance AGM, RIL chairman Mukesh Ambani has announced that Google will be another strategic partner in Jio Platforms. He further added that Reliance Jio Platform has today signed a binding partnership and an investment agreement with Google under which the tech giant will invest Rs 33,737 crores for a 7.7 percent stake in Jio Platforms. However, the India’s business magnate notified that this transaction is subject to regulatory and other customary approvals.
While addressing the Reliance AGM 2020 meet, Mukesh Ambani said, “In the last year’s AGM speech, I had shared my goals of growing our business through partnership and achieving a net debt-free balance sheet. I am happy to report that we have fulfilled this promise well ahead of the timelines that we have set for ourselves. In a short span of few months, we have raised a record amount of capital and forged several new strategic partnerships”
Explaining what the new partnership means to Google, Sundar Pichai, CEO of Google, said, “Getting technology into hands of more people is a big part of Google’s mission to organise the world’s information and make in universally accessible. Through this partnership with Jio Platforms, we see the chance to have even greater impact than either company could have alone. Even this partnership is key part of Google’s next chapter of investment in India.”
Warmly welcoming the new and strategic partners in Jio Platforms, Mukesh Ambani added that Facebook, a global technology power house and a leading social media and Internet company, will be Jio Platform’s premier strategic partner. After Facebook, the RIL chairman informed about investments from some of the most admired technology and financial investors across the globe like SILVERLAKE, Vista Equity Partners, General Atlantic, KKR, TPG, LCatterton. He added that all of them have long history in successfully investing in technology and growth enterprises around the world.
Furthermore, Reliance Jio will also work with Intel and Qualcomm, who have shaped the semi-conductor industry are at the heart of digital ecosystems. Mind you! These companies will help Jio to develop new products for India and Indians. Mukesh Ambani asserted that he looks forward to work with each of the partners in a collaborative way to build on Jio Platforms portfolio of technology and solutions.
With this investment by Google, strategic and financial investors have committed a total of Rs 1,52,056 crore investment in Jio Platforms in the last few months, Ambani added at RIL AGM 2020 Meet.
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