Google to Invest Rs 33,737 Crores for 7.7 Percent Stake in Jio Platforms, Jio 5G Announced

After investments from various large companies, now United States based multinational giant Google has made an investment into Jio Platforms. Mukesh Ambani, chairman and managing director of Reliance Industries has just announced that Goole will invest Rs 33,737 Crores for 7.7 percent Stake in Jio Platforms at the ongoing RIL AGM.

Jio Platforms has raised Rs 115,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF. Recently, Intel Capital announced an investment of Rs 1894.50 and Qualcomm Ventures, the investment arm of Qualcomm Incorporated, an industry leader in wireless technologies, has committed to invest up to Rs 730 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

Mukesh Ambani has also announced a 100 percent home-grown 5G services. “Jio has designed and developed complete 5G solution from scratch, and the Made-in-India solution will be ready to be deployed next year,” said Mukesh Ambani.

“Jio has developed a 5G solution in India and is ready to take it live as soon as the spectrums are made available. Jio will also make this technology available to other countries on a managed service basis,” he added.

Mukesh Ambani also said that he was delighted and humbled to announce that they had fulfilled their promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021.