RIL AGM 2020: Nearly half of Google's India Digitisation Fund to be invested in Jio, says Mukesh Ambani

The Google For India Digitisation Fund was announced by CEO Sundar Pichai on 13 July

FP Staff July 15, 2020 22:13:34 IST
RIL AGM 2020: Nearly half of Google's India Digitisation Fund to be invested in Jio, says Mukesh Ambani

Google will invest about half of its promised Google For India Digitisation Fund of $10-billion into Reliance Industries’ digital arm Jio Platforms, RIL chairman Mukesh Ambani said.

He made the statement during the conglomerate's 43rd Annual General Meeting (AGM).

The Google For India Digitisation Fund was announced by CEO Sundar Pichai on 13 July. The $10-billion fund is expected to invest money across businesses in India over the next five-seven years.

"Today we signed an agreement to invest $4.5 billion (Rs 33,737 crore) in Jio Platforms Ltd, taking a 7.73 percent stake in the company, pending regulatory review in India. This is the first investment from the Google For India Digitization Fund announced earlier this week, which aims to accelerate India’s digital economy over the next five to seven years through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments," Google said in a statement.

Google has agreed to invest Rs 33,737 crore to buy a 7.7 per centstake in Reliance Industries' technology venture, adding to a slew of investments since April that has crossed Rs 1.52 lakh crore.

California-based Alphabet Inc joins Facebook Inc, which opened the investment cycle in Jio Platforms by picking 9.99 percent stake for Rs 43,573.62 crore, as well as chipmaker Intel Corp and Qualcomm Inc.

With inputs from PTI

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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