Google to Invest in Mukesh Ambani’s Jio to Make India '2-G Mukt'

Mukesh Ambani made the announcement at the Reliance Annual General Meeting 2020.

Mukesh Ambani

(Photo: PTI)

Addressing the Reliance Annual General Meeting (AGM) on Wednesday, 15 July, Mukesh Ambani announced that Google will be a strategic partner in Jio Platforms.

Under the strategic partnership, Google will invest Rs 33,737 crore for a 7.7 percent stake in Jio Platforms, the Reliance Industries head said at the firm's AGM, adding that the target of capital raise for Jio Platforms is complete with the onboarding of Google.

"We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest INR 33,737 crores for a 7.7% stake in Jio Platforms."

Mukesh Ambani

https://twitter.com/reliancejio/status/1283331939903000578

Reliance Jio, Ambani announced, has also partnered up with Facebook.

"I welcome Facebook, a global tech powerhouse and a leading social media and internet company as our premier strategic partner."

Mukesh Ambani

He also announced that Jio is developing a complete 5G solution from scratch, with trials to be launched as soon as the 5G spectrum is available, reported PTI.

Starting his address by calling the COVID-19 outbreak the most disruptive event in modern history, Ambani also said that the video conferencing app JioMeet has seen 5 million downloads within days of its launch.

Mukesh Ambani also talked about Jio Mart and their partnership with local kirana stores.

"We have successfully piloted Jio Mart grocery model with kirana partners. The beta version of Jio Mart grocery platform is being piloted in 200 cities. Daily orders have crossed 2.5 lakh, and the number is growing each day."

Mukesh Ambani

Ambani further shared that they are well ahead of his goal of March 2021 with Reliance emerging as a zero net debt company.

https://twitter.com/reliancejio/status/1283331939903000578

(With inputs from PTI.)