Google buys 7.7% of Reliance's digital unit Jio for $4.5 billion
Global Economy
15 July, 2020, 04:10 pm
Last modified: 15 July, 2020, 04:10 pm
Reliance’s digital unit Jio Platforms houses music and movie apps but its mainstay is telecoms firm Jio Infocomm - India’s largest mobile carrier with more than 387 million users
FILE PHOTO: Commuters are reflected on an advertisement of Reliance Industries' Jio telecoms unit, at a bus stop in Mumbai, India, February 21, 2017. REUTERS/Shailesh Andrade/File Photo
Reliance Industries on Wednesday said Alphabet Inc's Google will buy a 7.7 percent stake in its digital unit for $4.5 billion, winning the backing of another U.S. tech giant after Facebook Inc in late April.
With Google's investment, strategic and financial investors have committed a total of 1.52 trillion rupees ($20.22 billion) in the last few months, Reliance chairman and billionaire tycoon Mukesh Ambani said at the company's annual shareholders meeting hosted via a webcast.
Reliance's digital unit Jio Platforms houses music and movie apps but its mainstay is telecoms firm Jio Infocomm - India's largest mobile carrier with more than 387 million users.
($1 = 75.1590 Indian rupees)
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