Google has agreed to invest Rs 33,737 crore in Jio Platforms for a 7.73 per cent equity stake.

This was announced by Reliance Industries chairman and managing director (CMD) Mukesh Ambani at the company’s 43rd and first-ever virtual annual general meeting (AGM) held on Wednesday afternoon.

Jio Platforms and Google have also entered into a commercial agreement to jointly develop an entry level affordable smartphone with optimizations to the Android operating system and the Play Store, the Reliance Industries said.

On Tuesday it was reported that Google might invest Rs 4 billion in Jio Platforms. But the news was neither confirmed by Google nor Reliance Industries.

Also read: Google may invest $4 billion in Jio Platforms, says report

Ambani said, “Google has empowered millions of Indians to access helpful information and, like Jio, is a force for change and innovation.”

“We welcome Google onboard and are excited about our partnership for what it can deliver to Indians, from universalising Internet usage to deepening the new digital economy and providing a prime mover to India’s economic growth.”

“Together, we hope to play a strong facilitative role in the transformative journey of building a new, Digital India,” said the Reliance Industries CMD.

Google’s investment will translate into a 7.73% equity stake in Jio Platforms on a fully diluted basis. With this, the total investment from financial and strategic investors into Jio Platforms stands at Rs 1,52,056 crore, the Reliance Industries said in a statement.

Confirming the investment Sundar Pichai, CEO of Google and Alphabet, said, “Google is proud to invest Rs 33,737 crore into Jio. I am excited that our joint collaboration will focus on increasing access for hundreds of millions of Indians who don’t currently own a smartphone while improving the mobile experience for all.”

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