Jio Platforms receives subscription amount of Rs 33,737 cr from Google

11/24/2020

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Jio Platforms Limited has received the subscription amount of Rs 33,737 crore from Google International LLC, a wholly owned subsidiary of Google LLC.

Jio Platforms Limited has allotted equity shares to Google International LLC following which Google International LLC holds 7.73 per cent of the fully-diluted equity share capital of Jio Platforms Limited.

Reliance Industries Limited (RIL) said in a filing that after receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the company, on Monday received the subscription amount of Rs 33,737 crore from Google International LLC.

The Google investment in Jio was announced on July 15. On November 11, the Competition Commission of India (CCI) had approved the acquisition of 7.73 per cent in Jio Platforms by Google. This was announced by the CCI in a tweet.

This is the first investment from the Google for India Digitization Fund which aims to accelerate India's digital economy over the next five to seven years through a mix of equity investments, partnerships and operational, infrastructure and ecosystem investments.

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

"Together we are excited to rethink, from the ground up, how millions of users in India can become owners of smartphones. This effort will unlock new opportunities, further power the vibrant ecosystem of applications and push innovation to drive growth for the new Indian economy," Google had announced.

"Our mission with Android has always been to bring the power of computing to everyone, and we've been humbled by the way Indians have embraced Android over recent years. We think the time is right to increase our commitment to India significantly, in collaboration with local companies, and this partnership with Jio is the first step," Google had said.

"We want to work with Jio and other leaders in the local ecosystem to ensure that smartphones — together with the apps and services in the Play Store — are within reach for many more Indians across the country. And we believe the pace of Indian innovation means that the experiences we create for India can ultimately be expanded to the rest of the world," it added.

Source: IANS

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