Google buys 7.7% of Reliance's digital unit Jio for $4.5 billion

NEW DELHI (Reuters) - Reliance Industries on Wednesday said Alphabet Inc's Google will buy a 7.7% stake in its digital unit for $4.5 billion, winning the backing of another U.S. tech giant after Facebook Inc in late April. With Google's investment, strategic and financial investors have committed a total of 1.52 trillion rupees ($20.22 billion) in the last few months, Reliance chairman and billionaire tycoon Mukesh Ambani said at the company's annual shareholders meeting hosted via a webcast.

Reuters July 16, 2020 00:11:35 IST
Google buys 7.7% of Reliance's digital unit Jio for $4.5 billion

Google buys 77 of Reliances digital unit Jio for 45 billion

NEW DELHI (Reuters) - Reliance Industries on Wednesday said Alphabet Inc's Google will buy a 7.7% stake in its digital unit for $4.5 billion, winning the backing of another U.S. tech giant after Facebook Inc in late April.

With Google's investment, strategic and financial investors have committed a total of 1.52 trillion rupees ($20.22 billion) in the last few months, Reliance chairman and billionaire tycoon Mukesh Ambani said at the company's annual shareholders meeting hosted via a webcast.

Reliance's digital unit Jio Platforms houses music and movie apps but its mainstay is telecoms firm Jio Infocomm - India's largest mobile carrier with more than 387 million users.

($1 = 75.1590 Indian rupees)

(Reporting by Sankalp Phartiyal, editing by Louise Heavens)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Under-supplied palladium races to record, gold awaits Fed
Business

Under-supplied palladium races to record, gold awaits Fed

By Eileen Soreng (Reuters) - Palladium prices hit a record on Tuesday, spurred by persistent supply worries, while gold held a narrow range as investors awaited policy signals from the U.S. Federal Reserve's meeting this week. Palladium hit a record of $2,962.50 per ounce earlier and was up 0.8% at $2,948.69 per ounce by 1:02 p.m

General Electric reports smaller cash outflow, reaffirms 2021 outlook
Business

General Electric reports smaller cash outflow, reaffirms 2021 outlook

By Rajesh Kumar Singh and Ankit Ajmera (Reuters) -General Electric's cash outflow was smaller than estimated in the first quarter even as its lucrative jet-engine business struggled with the pandemic-led collapse of air travel, driving down company revenue. The company also reaffirmed its full-year free cash flow and earnings per share outlook

Oil rises as OPEC+ seen sticking to policy despite India COVID surge
Business

Oil rises as OPEC+ seen sticking to policy despite India COVID surge

By Devika Krishna Kumar NEW YORK (Reuters) - Oil prices edged higher on Tuesday as OPEC+ was expected to stick to existing plans to boost oil output slightly from May 1, suggesting it does not see a lasting impact on demand from India's coronavirus crisis. The group has also ditched plans to hold a full ministerial meeting on Wednesday, sources said. A technical meeting on Monday had voiced concern about surging COVID-19 cases but kept its oil demand forecast unchanged.