Alphabet Inc’s Google to buy 7.73% stake in Reliance Industries Limited(RIL)’s Jio Platforms for Rs 33,737 crores. For this purpose, they have signed a binding partnership and an investment agreement. With this, Jio Platforms has raised a total of Rs 1,52,056 crore.
Highlights of the investment
i.This investment values Jio Platforms at an equity value of Rs 4.36 lakh crore.
ii.With this deal, RIL holds 67.03% stake in Jio Platforms, while other investors hold 32.97% stake.
iii.The investment of Google will translate into a 7.73% equity stake in Jio Platforms on a fully diluted basis.
This investment will strengthen the existing efforts of Google and Jio Platforms to expand the benefits of digitization across India.
The other investors of Jio include Facebook, Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton, Public Investment Fund(PIF), Intel Capital and Qualcomm Ventures
Other agreement b/w Google and Jio Platforms
The Jio Platforms and Google have signed a commercial agreement to jointly develop an entry-level affordable smartphone with an update to the Android operating system and Play Store.
Headquarters– Mumbai, Maharashtra
Chairman & Managing Director– Mukesh D. Ambani
Headquarters– California, United States
CEO– Sundar Pichai