Google Invests $4.5B In Indian Telecoms Giant Reliance Jio

Четверг, 16 Июл, 2020

Since April 22 this year, Jio Platforms Limited has raised a record Rs 1.18 trillion investment by selling stakes to a dozen of the world's biggest investors, including social media giant Facebook.

Mukesh Ambani-led Reliance Industries has announced that it is going to enter the 5G segment in India.

Qualcomm's investment values Jio at Rs 4.91 lakh crore - the same amount as the previous several deals and a 12.5 per cent premium to the first investment by Facebook.

It has already received subscription amounts Rs 73,636.43 crore from Facebook, L Catterton, Public Investment Fund, Silver Lake and General Atlantic.

"Everyone should have access to the internet. This effort will unlock new opportunities, and further power the vibrant ecosystem of applications".

Reliance has spent more than $30 billion building upstart mobile operator Reliance Jio Infocomm Ltd., which is part of Jio Platforms.

When reached out, the internet giant refused to comment on the matter while Jio Platforms did not give a response. This means that the company outperformed both Vodafone-Idea and Airtel.

So far, Jio has raised a series of investments, including $5.7 billion from US tech giant Facebook, parting away with 9.99% of its equity. Jio Glass, a cable that can be connected with the smartphone, was also launched.

It will remain connected by a single-cable and will have 25 apps that may allow augmented reality video meetings and more. No word on when Jio Platforms plans to make this available to consumers and what it would cost.

Ambani also announced that Google and Jio are partnering to build an Android based smartphone operating system. It will have its own management and accounts just like the conglomerate's digital arm, Jio Platforms. The investors requested anonymity as they did not wish to talk about the political tie ups publicly.

Although Jio Platforms also comprises a wide range of services from music streaming to online retail and payments, the Jio Infocomm-the mobile carrier is company's centrepiece.