Internet Giant Google has become the latest name to be added in a long list of high-profile organizations that have invested in India’s Reliance Jio Platforms with an infusion of $4.5 billion for a 7.7% stake in the organization.
For Google, it would be 45% of its $10 billion commitment the firm made early this week towards the Indian Economy through a digitization fund spread across five to seven years. The move is a rare instance where tech company has invested in an organization that has investment from its rival Facebook. The social media giant had invested $5.7 billion in April this year for a 9.99% stake in Jio Platforms.
Jio Platforms, a subsidiary of India’s most valued firm, Reliance Industries Ltd (RIL) has raised over $20.6 billion in the past four months from 13 high profile investors by trading about one-third of the firm.
RIL is expected to close this round of raising money after this deal.
Jio Glass, as mixed-reality glasses for India, was launched at the Reliance’s Virtual AGM Event
Most of the funds raised were directed towards paying for RIL’s debt. The oil-to-retail-telecom conglomerate became a debt-free company after the first 11 back-to-back investments in Jio Platforms and a rights issue.
The firm has been making efforts to position Jio Platforms and its telecom venture Reliance Jio Infocomm as more digital, consumer technology a vision that has lured several investors towards the firm in recent months.
