Reliance Industries Slips 1% After Jio Platforms Receives Google Deal Amount

Reliance Industries said its subsidiary, Jio Platforms, received the subscription amount of Rs 33,737 crore from Google International LLC, as part of the deal announced in July wherein the internet major agreed to purchase a 7.73 per cent stake in the RIL unit. The shares of Reliance Industries slipped by 1 per cent on the BSE to touch an intra-day low of Rs 1,921.20 in early trading. At 10:45 am, the shares were trading lower by 0.4 per cent at Rs 1,971.80 on the BSE.

Reliance Industries chairman Mukesh Ambani had announced at the group's 43rd, and first-ever virtual annual general meeting, held on July 15 that Google would invest Rs 33,737 crore for a 7.7 per cent stake in Jio Platforms. This investment by Google valued Jio Platforms at an equity value of Rs 4.36 lakh crore.

Jio Platforms is the digital services arm of Reliance Industries, which houses telecom company Reliance Jio Infocomm.

Sundar Pichai, the Indian-born chief executive officer of Google's parent Alphabet, had earlier announced plans to spend $10 billion over the next five to seven years to help accelerate the adoption of digital technologies in India.

The BSE Sensex was at 44,434.47, higher by 348.71 points or 0.80 per and the NSE Nifty was at 13,023.25, up 96.85 points or 0.78 per cent at the time.