Google buys 7.7% of Reliance’s digital unit Jio for $4.5b
Strategic and financial investors have committed a total of 1.52 trillion rupees in Jio
New Delhi: India’s 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.