RIL's Jio Platforms receives Rs 33,737 crore from Google

NEW DELHI: Reliance Industries Ltd (RIL) said that subsidiary Jio Platforms has received Rs 33,737 crore from Google for a 7.73% stake, the US internet giant’s biggest-ever investment in an Indian company.

The transaction comes after the Competition Commission of India (CCI) recently approved Google's investments into Jio Platforms and the partnership to develop affordable 4G and 5G Android-based smartphones.

"We hereby inform that, after receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the Company, today received the subscription amount of Rs 33,737 crore from Google International LLC (a wholly owned subsidiary of Google LLC)," RIL informed the BSE late on Monday.

Jio Platforms has allotted equity shares to Google International LLC, following which Google International LLC holds 7.73% of the fully diluted equity share capital of Jio Platforms Ltd, according to the statement.

RIL's stock closed 0.7% higher at Rs 1,965.10 on the BSE Tuesday.

With this, Jio Platforms has received all the funds from its 13 investors who together have injected Rs 1,52,056 crore for a cumulative equity stake of 32.96%.

Other major investors in Jio Platforms include Facebook - which took the highest stake of 9.9% for Rs 43,574 crore, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Public Investment Fund, Intel Capital and Qualcomm Ventures.

Jio Platforms houses the digital assets of RIL, including broadband connectivity, cloud and edge computing, big data analytics and artificial intelligence.