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.
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