RIL AGM: Google To Buy 7.7% Stake In Jio Platforms

At the 43rd annual general meeting (AGM) of Reliance Industries Limited, Chairman and MD Mukesh Ambani announced a strategic partnership of Google in Jio Platforms. He said that the search engine giant has signed a binding partnership and investment agreement to invest Rs 33,737 crore for 7.7 percent stake in Jio Platforms.

The transaction is subject to regulatory approvals.

With Google's deal, foreign strategic and financial investors have committed a total of Rs 1,52,056 crore in the conglomerate's digital arm. Shares of RIL have been hitting new highs as Jio Platforms, its digital arm, received investments worth billions from 14 foreign investors in 13 weeks time.

Since 22 April 2020, Jio Platforms has raised a combined value of Rs 1,52,056 crore from Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Saudi Arabia's PIF, Intel, and Qualcomm Inc, besides Google

These investors have now acquired close to 33 percent stake in Jio Platforms through their investments with Facebook Inc purchasing the biggest chunk of 9.9 percent.

The AGM was conducted virtually using its latest digital conferencing platform JioMeet, in light of the COVID-19 pandemic.