Google to invest Rs 33,737 cr in Jio, to develop entry-level smartphone

AFTER INVESTMENTS by a clutch of global tech giants including Facebook, Google has signed up with Jio Platforms, the digital subsidiary of Reliance Industries Ltd (RIL), to invest Rs 33,737 crore (or approximately $4.5 billion) for a 7.7 per cent stake. The strategic deal would likely lead to unveiling of new technology products and solutions in India.

Making a string of announcements in the digital and telecom market at the company’s virtual annual general meeting (AGM), RIL Chairman Mukesh Ambani said Jio has designed and developed a complete 5G solution that’s ready for launch as soon as spectrum is made available next year.

Jio and Google have also entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimisations to the Android operating system and the Play Store, Ambani said.