Google backs India with $4.5bn investment in Jio Platforms

NEW DELHI/OAKLAND (Reuters) – Alphabet’s Google will buy a 7.7% stake for $4.5 billion in Jio Platforms, taking a seat on its board alongside another big name backer Facebook to help the digital arm of Reliance Industries realise its lofty ambitions. Reliance, India’s most highly-valued company run by billionaire Mukesh Ambani, has now sold nearly 33% of Jio Platforms which houses music, movie apps and telecoms venture Jio Infocomm for 1.52 trillion rupees ($20.22 billion). Google will gain a board seat at Jio Platforms as part of the transaction, a Google executive told Reuters in an interview. “Through this partnership with Jio Platforms we see the chance to have an even greater impact than either company could have alone,” Alphabet CEO Sundar Pichai said in a video message, adding that the Jio investment was “the first and the biggest” investment Google would make via the $10 billion fund. Jio Infocomm, the mainstay of Jio Platforms and India’s largest mobile carrier with more than 387 million users, will also widen Google’s reach in a country where just about 500 million of its 1.3 billion population use the internet.

Read Full Article Here

Related Articles