Reliance Industries has announced a new stakeholder in Jio Platforms. The company has announced Google as a new strategic partner. The company has claimed that the search giant will invest ₹33,737 crore with a stake of 7.7%. This takes the total investment by stakeholders to ₹1,52,056 crore.
Before the Google announcement, Reliance Industries had sold stakes worth ₹1,18,318.45 crore which includes other investors like Facebook. While the lockdown and times of uncertainty hit the share values of most companies, Reliance Industries has managed to soar through by an increment of over 120% since the lockdown began in mid-March. Other major investors and collaborators from the tech world include chipset makers Intel and Qualcomm.
Globally, the company has managed to make space for itself in the list of top 50 most valuable publicly traded firms globally.
Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, 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.”
Google CEO Sundar Pichai also spoke at the Reliance AGM, confirming the tech company’s strategic partnership in India with Jio Platforms.
Mr. Sundar Pichai, CEO of Google and Alphabet, said, “Reliance Industries, and Jio Platforms in particular, deserve a good deal of credit for India’s digital transformation. The pace and scale of digital transformation in India is hugely inspiring for us and reinforces our view that building products for India first helps us build better products for users everywhere. Google is proud to invest ₹ 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.”
Reliance Industries conducted its 43rd annual general meeting (AGM) for the first time through a virtual medium, given the current Covid crisis.