Google to invest Rs 33,737 crore in Jio Platforms for 7.73 per cent stake

Jio Platforms, a wholly-owned subsidiary of Asia’s richest man Mukesh Ambani-controlled Reliance Industries Ltd (RIL), has signed binding agreements to raise Rs. 33,737 crore from Google.
The investment is in lieu of a 7.73 per cent equity stake in Jio Platforms.
This investment by Google values Jio Platforms at an equity value 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.
Jio Platforms and Google have also entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimisations to the Android operating system and the Play Store. This effort will unlock new opportunities, further power the vibrant ecosystem of applications and push innovation to drive growth for the new Indian economy.