Industry giant Reliance has just confirmed a significant development at its 43rd Annual General Meeting (AGM). As part of the the reveal, the company revealed that it is teaming up with Google for investment. The company also revealed that Google will work with the company as a strategic investor and partner. Also Read - Reliance to work with Google on Android-based OS, entry-level 5G smartphone
In addition, the company also shared investment details around this deal with Google. Google will invest about Rs 33,737 cores for a 7.7 percent stake in the Jio Platforms. Google joins a number of other technology companies, investment funds and more to power Jio Platforms. Let’s check out the details regarding the investments that companies have made in Reliance Jio Platforms here. Also Read - Reliance Jio set to launch 'Made in India' 5G network: All you need to know
Google to invest in Reliance Jio Platforms; details
This announcement came just hours before the initial reports emerged hinting at the investment. According to the information available, the company also shared that it teaming up with Google for an Android-based OS. Reliance will take the Android-based OS and likely use it in its entry-level 4G or 5G smartphone. In addition, Google CEO Sundar Pichai also addressed the AGM viewers while sharing a statement regarding the partnership. Pichai also noted that the investment in Reliance is part of its “Google for India Digitization Fund”. This means that the company will divert $4.5 billion to its Reliance Jio investment. Also Read - Google in advanced talks with Jio Platforms over reported $4 billion investment: Report
For some context, Google India shared some details around the fund in its Google for India event. Mukesh Ambani noted that this partnership is currently subject to regulatory review in India. Google noted that it is its first investment in the Indian market as part of its fund.
Reliance also noted that it will team up with Google, Qualcomm and Intel to make future tech products. The company also shared some information regarding its plans regarding the 5G trails and rollout. Beyond this, it also talked about a number of new Jio products including Jio TV+, and JioGlass.