Reliance Industries Limited grabbed its deal after Google announced the investment in Jio Platforms. Google announced the investment of Rs. 33,737 crore in Jio platforms for a 7.7 per-cent stake.
Mukesh Ambani, RIL’s chairman and managing director, on Wednesday, announced that Google will be the investor in the Reliance Industries subsidiary. He further said that the capital raising target by the company is done now.
“I look to work with them in a collaborative way. What they bring is more than money. They bring a strong vote of confidence in our bold mission and our ability to execute.”
Further, he said that the Jio-Google partnership will free India from 2G. He said that with the partnership we will develop 4G smartphones in India. The RIL chairman said that to have a value-engineered smartphone there must be a value-engineered smartphone OS. Such an OS will be built by the Jio-Google partnership in India.
Google CEO Sundar Pichai said: “Everyone should have access to the internet. Proud to partner with Reliance Jio to increase access for the hundreds of millions in India who don’t own a smartphone with our 1st investment of $4.5 Billion from the Google For India Digitization Fund.”
With the market capitalization of over USD 150 billion, RIL became the first Indian company to have such market capitalization. RIL already grabbed investments from big giants such as Facebook, Qualcomm, Intel, KKR, TPG, Abu Dhabi Investments Authority and others.
On April 22, Facebook bought a 9.99 per-cent stake for Rs. 43,574 crore in Jio Platforms.
A turnover of Rs. 6.59 trillion has been reported by the RIL in the year 2019-2020. This turnover was up by 5.4 per-cent from the previous year. The net profit also increased by 11.3 per-cent to Rs. Rs 443.24 billion.
On July 3, RIL announced that Rs. 1894.50 crore will be invested by the Intel for 0.39 per-cent stake in Jio Platforms.