The search engine giant, Google will invest $4.5 billion in Reliance’s Jio Platforms and buy a 7.7% stake, said RIL chairman and managing director, Mukesh Ambani in their 43rd Annual General Meeting (AGM) which was held virtually today.
The telecom company signed a binding agreement with Google International LLC through which the Internet giant will buy a 7.7% stake in Jio Platforms on a fully diluted basis. RIL’s digital venture has already partnered with Facebook, Intel Capital, and Qualcomm with Google being the fourth in line.
RIL’s Jio is now a zero debt company
Mukesh Ambani also announced in the AGM that the Jio Platforms has received a cumulative investment of Rs. 1,52,056 crore and the total money raised by RIL through a rights issue, Jio Platforms and BP amounts to Rs. 2,12,809 crore.
He also mentioned that Reliance is now a zero net debt company, well ahead of their goal of March 2021 and RIL has a very strong balance sheet that can support growth for its three growth engines namely, Jio, Retail, and O2C.
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The RIL’s chairman and managing director also revealed that since April 22 this year, they have received almost Rs.1.18 trillion investment (excluding Google) by selling stakes to a dozen of the world’s biggest tech companies, which also includes Facebook Inc. This social media giant holds a 9.9% stake in the telecom major.
In the 43rd Annual General Meeting (AGM), Mukesh Ambani also shed light on Reliance Jio’s future plans
In the AGM, Mukesh Ambani also spoke about his future plans for Jio, wherein he stated that Jio has proposed to connect half a billion mobile customers, a billion smart sensors, and 50 million home and business establishments in the next three years. He also announced Jio’s entry in the 5G network and mentioned that the field deployment for this technology is expected to start early next year.
The world’s sixth richest man also announced that India’s first video conferencing app, JioMeet, had already received 5 million downloads within days of its launch. Zoom’s rival, JioMeet, is available for download across various platforms like iOS, Android, Windows, macOS, and web.