Google in Talks to Invest $4 Billion in Reliance Jio Platforms: Report

Google declined to comment, while Reliance did not immediately respond to a request for comment.

Google in Talks to Invest $4 Billion in Reliance Jio Platforms: Report

Reliance has picked up about $15.64 billion in multiple rounds of funding

  • Google is said to invest $4 billion in Jio platforms
  • Google declined to comment on the development
  • Investors including Facebook have poured in $15.4 billion into Jio

Alphabet's Google is in advanced talks to invest $4 billion (roughly Rs. 30,140 crores) for a stake in the digital arm of Indian conglomerate Reliance Industries, Bloomberg reported on Tuesday, citing people familiar with the matter.

An announcement could come as soon as the next few weeks, according to the report. Google declined to comment, while Reliance did not immediately respond to a request for comment.

The report comes a day after Google said it would spend around $10 billion (roughly Rs. 75,000 crores) in India over the next five to seven years through equity investments and tie-ups, in its biggest commitment to a key growth market.

Investors, including Facebook and KKR, have already poured in a combined $15.64 billion (roughly Rs. 1.17 lakh crores) for just over 25 percent in Jio Platforms. The funding spree, which began late April, and a share sale by Reliance have helped make India's biggest company net-debt free.

Reliance Industries said on Sunday Qualcomm's investment arm will buy a 0.15 percent stake in its digital unit Jio Platforms for Rs. 730 crores ($97.1 million). The partnership will help Jio Platforms, the unit that houses Reliance's telecoms venture Jio Infocomm, to "roll out advanced 5G infrastructure and services for Indian customers", Reliance said in a statement.

Qualcomm's move comes at a time India is preparing to auction 5G airwaves to telecoms service providers. With this new investment, Reliance has sold a 25.2 percent stake in Jio Platforms to investors in a funding spree that began late April, raising $15.69 billion (roughly Rs. 1.17 lakh crores).

Although Jio Platforms also comprises Reliance's music and movie apps, Jio Infocomm - the mobile carrier - is its centrepiece.

Reliance chairman and billionaire tycoon Mukesh Ambani has always pitched Jio Infocomm as a tech company instead of a traditional telecoms firm.

That has helped Ambani win the backing of major tech firms such as Facebook, Intel, and now Qualcomm.

© Thomson Reuters 2020

Poco M2 Pro: Did we really need a Redmi Note 9 Pro clone? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

Affiliate links may be automatically generated - see our ethics statement for details.

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Realme C11 vs Realme C3: Price in India, Specifications Compared
Amazfit Bip S Lite Smartwatch With 30-Day Battery Life Launching in India on July 29
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »