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Google buys $4.5bn stake in Reliance's digital unit

Google buys $4.5bn stake in Reliance's digital unit

Mubasher: India’s Reliance Industries announced Alphabet Inc’s Google will be purchasing a 7.7% stake in its digital unit, Jio Platforms, for $4.5 billion, winning the backing of another US tech giant after Facebook Inc, Reuters reported on Wednesday.

With Google’s investment, strategic and financial investors have contributed a total of 1.52 trillion rupees ($20.22 billion) in the last few months, according to Reliance chairman and billionaire tycoon, Mukesh Ambani.

Google’s investment in Jio Platforms, which houses music and movie apps, is valued at 4.36 trillion Indian rupees ($58.01 billion) for the digital platform. However, the unit’s mainstay is telecoms firm Jio Infocom, India’s largest mobile carrier with more than 387 million users.

This Reliance-Google deal will boost Reliance’s lofty tech ambitions, such as building smart homes. The announcement, moreover, came days after Google pledged to spend $10 billion over the next five to seven years to help raise the adoption of digital technologies in India.

Earlier this month, the investment arms of chipmakers Qualcomm Inc and Intel Corp bought stakes in Jio Platforms.