Home ›› 16 Jul 2020 ›› Front
Google has become the latest US technology giant to invest in Indian conglomerate Reliance Industries' digital business.
The Alphabet-owned search engine has agreed to pay USD 4.5 billion for a 7.7% stake in Jio Platforms.
Reliance's billionaire owner Mukesh Ambani says the two companies will develop phones for 4G and 5G networks.
Google joins a list of new investors in Jio that includes Facebook, Intel and Qualcomm.
"Google has empowered millions of Indians to access helpful information and, like Jio, is a force for change and innovation," Mukesh Ambani said in a statement to shareholders.
Google's chief executive Sundar Pichai said, "The pace and scale of digital transformation in India is hugely inspiring for us and reinforces our view that building products for India first helps us build better products for users everywhere."
Earlier this week Google also said the company would invest about $10bn in India over the next five to seven years.
In April Facebook said it would invest USD 5.7 billion for a 9.99% stake in Jio, making it the cut-price Indian mobile internet provider's largest minority shareholder.
The investment arms of US technology giants Intel and Qualcomm have also bought smaller stakes in the company.
(Source: BBC)
