Mukesh Ambani-led Reliance Industries today held its 43rd annual general meeting (AGM) virtually. The first of its kind virtual event was held on Reliance’s own video conferencing service JioMeet. During the annual shareholder meet, Mukesh Ambani made many announcements but the biggest of them all was Google’s investment in Jio Platforms. That’s right, after Facebook, Intel, and Qualcomm, Google too wants a big piece of Jio pie.
The Search Engine giant has invested Rs 33,737 crores for a 7.7 percent stake in Jio Platforms. This investment from Google will help Reliance strengthen its balance sheet and invest in next-generation networks and new digital platforms. This investment by Google in Jio has come from recently announced Rs 75,0000 crores Google for India Digitalization fund.
It will be one of the rare occasions where Google and Facebook both have invested in the same platform. If you recall, back in April, Facebook picked up a 9.99% stake to become the largest minority stakeholder in Jio Platforms.
“Getting technology into the hand of more people is a big mission at Google,” said Sundar Pichai, chief executive at Google while addressing Reliance investors though a digital call.
“Together 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,” he added.
This investment from Google in Jio also brings the two brands to collaborate on an Android-based operating system (OS) to develop an entry-level 4G or even a 5G enabled smartphone for India. During the event, Reliance also announced that its IP-based network is ready for 5G services rollout.