In a mega investment announcement, Reliance Industries (RIL) Chairman Mukesh Ambani on Wednesday said that Google will invest Rs 33,737 crore in Jio Platforms for an equity stake of 7.73 per cent.
Google is investing at an equity valuation of Rs 4.36 lakh crore, said an RIL regulatory filing.
“Jio Platforms Limited, a subsidiary of the Company, today signed binding agreements with Google International LLC pursuant to which Google would invest Rs 33,737 crore for a 7.73 per cent equity stake in Jio Platforms Limited on a fully-diluted basis. Google is investing at an equity valuation of Rs 4.36 lakh crore,” it said.
The transaction is subject to customary regulatory approvals.
Speaking at the Annual General Meeting of RIL, Ambani said that he looks forward to working with investors in Jio Platforms in a collaborative way.
Making another major announcement, the RIL Chairman said that Jio has designed a complete 5G solution and it will be available for trials as soon as spectrum is available.