tech2 News StaffJul 15, 2020 17:52:38 IST
At the Reliance AGM Meeting 2020, RIL chairman Mukesh Ambani announced that Google will be picking up 7.7 percent stake in Jio platforms for Rs 33,737 crore.
This is the first investment by Google from the Google For India Digitization Fund of Rs 75,000 crore announced earlier this week.
As part of the investment, Google and Jio Platforms have entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimisations to the Android operating system and the Play Store.
Google writes in a blog, "we are excited to rethink, from the ground up, how millions of users in India can become owners of smartphones. This effort will unlock new opportunities, further power the vibrant ecosystem of applications, and push innovation to drive growth for the new Indian economy".
Everyone should have access to the internet. Proud to partner with @reliancejio to increase access for the hundreds of millions in India who don’t own a smartphone with our 1st investment of $4.5B from the #GoogleForIndia Digitization Fund.https://t.co/1fP8iBZQfm
— Sundar Pichai (@sundarpichai) July 15, 2020
"We want to work with Jio and other leaders in the local ecosystem to ensure that smartphones—together with the apps and services in the Play Store—are within reach for many more Indians across the country. And we believe the pace of Indian innovation means that the experiences we create for India can ultimately be expanded to the rest of the world," Google adds.
Google's investment in Jio platforms takes the cumulative fundraising by Reliance in less than three months to Rs 2,12,809 crore.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Firstpost
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.