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Reliance: Google invests Rs 33,737 crore for a 7.7 percent stake in Jio Platforms

New Delhi: RIL CMD Mukesh Ambani announces major strategic deal with Google which will invest Rs 33,737 cr in Jio Platforms for a 7.7% equity stake. The search engine giant Google dominates search, video, maps and email in India.

Reliance India chairman Mukesh Ambani confirmed that Google will invest over Rs 33,737 crore for a 7.7 per cent stake in Jio Platforms taking the string of investments well over Rs 152,000 crore. Ambani confirmed Google's investment during the 43rd AGM.

Google had announced a $10 billion digital fund for India a few days back that entailed investments in existing companies as well as expansion of AI foot print and spreading internet awareness in rural areas.

RIL chairman thanked all the investors for placing their faith in the company. “We’ll do it through a mix of equity investments in large Indian companies, startups, partnerships, as well as infrastructure investments such as data centres,” Google's Sundar Pichai had said. The fund size, he said, provides an “opportunity to directly make larger investments” in bigger companies.

US chipmaker Qualcomm became the latest to come on board the Jio Platforms becoming one of the many investors who have acquired a slice of Jio in the last two months. The number of internet users in India is expected to rise to about 850 million in 2022, according to PwC, up from 450 million in 2017.

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