Reliance Industries chairman Mukesh Ambani announced that Google will invest Rs 33,737 crore for a 7.7 percent stake in Jio Platform. This makes it the 14th investment in Jio Platforms in less than 3 months.

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Speaking at RIL's 43rd annual general meet, Ambani said that it welcomes a new strategic partnership with Google. He added that including Google the company has raised Rs 1,52,056 crore from strategic investments since April 22.

Jio is the only company in the World to have Google and Facebook as strategic investors together, he announced.

He further said that the company has also concluded its JV with BP. RIL is now a truly a net debt-free company, he said.

"The company is looking to add only strategic partners to Jio Platforms. Over the next 3 years, I see Jio adding half a billion mobile customers," Ambani said.

Jio Platforms has so far received investments from a clutch of strategic and financial investors such as Facebook, Silver Lake Partners (two investments), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures.

RIL also became the first Indian company to have crossed market capitalization of Rs 12 lakh crore on back of various investments in its mobile digital arm Jio Platforms.

In another big announcement at the AGM, Ambani said Jio has designed and developed a complete 5G solution from scratch. The solution is developed indigenously, and Jio may introduce 5G in India next year, he added.

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First Published:Jul 15, 2020 2:23 PM IST