Jio Platforms gets Rs 33, 737 crore funds from Google International

Our Bureau Mumbai | Updated on November 24, 2020 Published on November 24, 2020

Qualcomm is the thirteenth investor in Jio Platforms which has raised a total of over ₹1.18 lakh crore

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

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Published on November 24, 2020
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