Google to invest about $4.5bn in India’s Jio Platforms

Google will be investing about 4.5 billion dollars in India’s Jio Platforms, the mobile digital arm of Reliance Industries Ltd. (RIL), Chairman Mukesh Ambani announced on Wednesday.

“Google would make the investment of about 4.5 billion dollars by picking up a 7.7 per-cent stake in Jio Platforms,’’ Ambani said.

Ambani, however, said that the U.S.-based company’s move would be subject to necessary regulatory permissions.

He addressed shareholders at a virtual annual general meeting of RIL, India’s biggest conglomerate.

ALSO READ: Consultant Anaesthetist at Central Hospital, Warri, dies of COVID-19

Ambani said that RIL was the first Indian company to cross-market capitalisation of 150 billion dollars with investments in Jio Platforms.

Other companies that have equity in the firm include Facebook, Qualcomm, Intel, TPG and Abu Dhabi Investments.

“What they bring is more than money. They bring a strong vote of confidence in our bold mission and our ability to execute,” Ambani said.

Jio Platforms’ fully-owned subsidiary, Reliance Jio Infocomm Ltd., provides mobile telephone services to 388 million users, which is about 31 per cent of market share.

Jio has also developed a 5G solution from scratch, which is likely to be ready for roll-out in 2021 once the spectrum required is made available by the government.

“Once it is proven in India, Jio Platforms would be well-positioned to be an exporter of 5G solutions to other telecom operators globally,’’ Ambani said.



Reps to investigate mass resignation of 365 soldiers

THE House of Representatives has resolved to investigate the purported voluntary resignation of 365 soldiers from the Nigerian Army. According to the News Agency of Nigeria (NAN), this resolution followed a unanimous adoption of a motion of Matters of Urgent Public Importance by the Chief Whip of the House… Read Full Story

COVID-19: Nigeria Confirms 463 New Cases, Total Now 33,616

The Nigeria Centre for Disease Control (NCDC), on Tuesday, announced that the country has recorded 463 new cases of Coronavirus (COVID-19), bringing the total number of infections in Nigeria to… Read Full Story

You might also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More