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.

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