New Delhi (NVI): Reliance Industries chairman Mukesh Ambani today said that Google will invest around Rs 33,737 crore for 7.7 per cent stake in Jio Platforms.
Ambani made the announcement at the group’s 43rd annual general meeting that was held virtually for the first time. The Google investment values Jio platforms at an equity value of Rs 4.36 lakh crore.
At the meeting, Ambani also said that Jio is ready with a “world-class 5G solution” and that field deployment can happen next year. “Jio has designed and developed a complete 5G solution from scratch. It will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year,” he said.
Ambani further said that Jio’s global-scale 4G and fiber network is powered by several core software technologies and components. “It is this capability and know-how that positions Jio on the cutting edge of another exciting frontier – 5G,” he added.
Jio Platforms is the digital services arm of Reliance Industries, which houses telecom company Reliance Jio Infocomm. Notably, this is the fourteenth investment in Jio Platforms since April 22 this year.
The company also announced Jio TV+, Jio Glass and provided updates on Reliance Retail, JioMart as well as the deal with Saudi Aramco. Apart from that, Google and Jio are partnering to build a smartphone operating system, Ambani added.
-ARK
