Jio Platforms Ltd, a subsidiary of Asia’s richest man Mukesh Ambani-controlled Reliance Industries Ltd (RIL), has received the subscription amount of ₹33,737 crore from Google International LLC.
Google International, a wholly-owned subsidiary of Google LLC, now holds 7.73 per cent of fully diluted share capital of Jio Platforms, RIL said in a late evening exchange filing.
Earlier in July, Google entered into an agreement to invest $4.5 billion (₹33,737 crore) in Jio Platforms in lieu of a 7.73 per cent stake. This was the first investment from Google For India Digitization Fund.
Also Read: Google invests ₹33,737 crore in Jio Platforms
Google and Jio Platforms have also entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimisations to the Android operating system and the Play Store.
Also See: Google, Jio to develop affordable 4G smartphone for India
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.