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"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 per cent stake in Jio Platforms," Mr Ambani said.
The investment by Google takes the cumulative fund-raising by Reliance Industries to Rs 2,12,809 crore in less than three months, which includes investments in Jio Platforms and the rights issue worth Rs 53,124 crore.
Google's move comes at a time the government is preparing to auction 5G airwaves to telecoms service providers.
Google joins a slew of private equity firms that have invested in Mukesh Ambani's technology venture in the past three months. The investors in Jio Platforms include the US-based Facebook, General Atlantic, KKR and Intel Corporation, Abu Dhabi-based Mubadala and Abu Dhabi Investment Authority, and Saudi Arabia's Public Investment Fund.
Reliance Industries said the transaction is subject to regulatory and other customary approvals.
Meanwhile, on Monday, Google had announced plans to spend $10 billion over the next five to seven years to help accelerate the adoption of digital technologies in India.
Sundar Pichai, who was born in India and is now the chief executive officer of parent Alphabet Inc., had said that coronavirus outbreak brought home the importance of technology for conducting business and connecting with family and friends alike.
Reliance Industries is the first Indian company to cross Rs 12 lakh crore in terms of market valuation.
By selling more than 25 per cent stake in Jio Platforms and unveiling the rights issue, Reliance Industries has become a net debt-free company well before the scheduled date of March 31, 2021.
Although Jio Platforms also comprises Reliance Industries' music and movie apps, Jio Infocomm is its centrepiece. Reliance chairman Mukesh Ambani has always pitched Jio Infocomm as a tech company instead of a traditional telecom firm.