Google set to invest INR 33,737 crore on Jio Platforms for a stake of 7.73 percent. Both Google and Jio are about to develop entry-level and cost-friendly smartphone for accelerating India’s digitalization movement.

Reliance Industries Jio Platform Limited and Google LLC announced the deal of INR 33,737 crore which Google is set to invest on Jio Platforms. Google is investing on Jio at equity of INR 4.36 lakh crore, which will translate into a whopping 7.73 percent equity stake in Jio Platforms on a totally diluted basis. After this investment, the total investment from financial and strategic investors into Jio Platforms worth at INR 1,52,056 crore.

The investment will strengthen Jio’s and Google’s prevailing efforts of expanding digitalization benefits in all across India, taking it over to 500+ million Internet users in the country. Jio Platforms and Google agreed on a commercial deal for jointly creating an entry-level and cost-friendly smartphone with optimization to Android operating

system and Play Store. This deal will make millions of users in India owners of smartphones. Also, the deal will create new opportunities for a vibrant ecosystem of applications and push innovation for generating growth for the new-age Indian economy.

“Google already has given prowess to millions of Indians to access helpful information. Similar to Google, Jio is also a force for alteration and innovation. We are glad to welcome Google onboard and also excited at the same time about the partnership as it has amazing offers for Indians, from universalizing internet usage to deepening the new digital economy and facilitating India’s economic growth. Together, we hope of playing a bonding role in transformation of Digital India,” expressed Mukesh Ambani, Chairman, and MD, Reliance Industries.

Sunday Pichai, Google & Alphabet CEO said, “Reliance Industries and Jio Platforms to be specific should get a good deal of credit for India’s digital transfiguration. At which pace and scale digital transformation in India is happening is inspiring for everyone and making us rethink of building for Indians first. This will help us create better products for global users. Google is proud of investing INR 33,737 crore into Jio. At the same time, I’m excited that this collaboration will create access to hundreds of millions Indian people that don’t have smartphone access.”

Jio Platforms, a majority-owned subsidiary of Reliance Industries is the next-gen technology platform that focuses on delivering high-quality and affordable digital services in India to 388+ million subscribers. Jio Platforms made comprehensive investments in the digital ecosystem which is powered by the leading technologies that span the broadband connectivity, smart devices, cloud, and edge computing, big data analytics, artificial intelligence, IoT, augmented and mixed reality, and blockchain. Jio’s vision is enabling Digital India for 1.3 billion people and businesses across the country, which includes small merchants, micro-business, and farmers so that everyone can enjoy the fruits of inclusive growth. Reliance Jio Infocomm Ltd. that provides connectivity services to more than 388 million subscribers, will continue to be a fully-owned subsidiary of Jio Platforms.