Google to pick 7.7% stake in Jio for Rs 33,737 crore

Google will pick up 7.7 percent stake in Reliance Industries’ technology venture for Rs 33,737 crore, Mukesh Ambani said on Wednesday.

“We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest Rs 33,737 crores for a 7.7 percent stake in Jio Platforms,” Ambani said at the company’s annual general meeting.

This takes the cumulative fundraising by Reliance in less than three months to Rs 2,12,809 crore, he said.

This includes investments by Facebook and other investors in Jio Platforms and Rs 53,124 crore Rights Issue, and investment by BP in fuel retailing venture.