IT giant, Google to buy 7.73% stake in Reliance Industries Limited(RIL)’s Jio Platforms for Rs 33,737 crores. For this purpose, they have signed a binding partnership and an investment agreement. This investment will strengthen the existing efforts of Google and Jio Platforms to expand the benefits of digitization across India.
According to exchange filing, Google is investing at an equity valuation of Rs 4.36 lakh crore. With this, the total investment from financial and strategic investors into Jio Platforms stands at Rs 1,52,056 crore.
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Other agreement b/w Google and Jio Platforms
- The Jio Platforms and Google have signed a commercial agreement to jointly develop an entry-level affordable smartphone with an update to the Android operating system and Play Store.
Important takeaways for all competitive exams:
- RIL of Headquarters: Mumbai, Maharashtra.
- Chairman & Managing Director of RIL: Mukesh D. Ambani.
- Google Headquarters: California, United States.
- CEO of Google: Sundar Pichai.