Google is buying 7.73% stake in Jio Platforms for Rs 33, 737 crore

Internet major Google is buying a 7.73% stake in Reliance Industries’ telecom and digital unit Jio Platforms for Rs. 33,737 crore as part of its recently announced $10 billion India digitisation fund.

“Jio Platforms Limited, a subsidiary of the Company, today signed binding agreements with Google International LLC pursuant to which Google would invest Rs 33,737 crore for a 7.73% equity stake in Jio Platforms,” RIL said in a statement.

With this, the total investment from financial and strategic investors into Jio Platforms stands at Rs 1,52,056 crore for a combined 32.97% stake in Jio Platforms in about two months. Google is investing in Jio Platforms at an equity valuation of Rs. 4.36 lakh crore. The transaction is subject to customary regulatory approvals.