Reliance Jio has announced that Google is buying its 7.73 percent for Rs. 33,737 crore. This means Google has become the 13th investor in the Jio platforms, and so far, it has received Rs. 152,056 crore from these investments.
"This investment by Google values Jio Platforms at an equity value of Rs. 4.36 lakh crore. Google's investment will translate into a 7.73 percent equity stake in Jio Platforms on a fully diluted basis. With this, the total investment from financial and strategic investors into Jio Platforms stands at Rs. 1,52,056 crore," Reliance Industries said.
Under this partnership, both Google and Jio will develop an Android-based operating system, including 4G and 5G smartphones. The announcement comes soon after Google shared that it is investing $10 billion in India. However, the transactions will have to go through all approvals.
Reliance Jio Plans For 5G Networks
Besides, Reliance Industries has made the biggest announcement on the 5G front. "Jio has developed a complete 5G solution from scratch that will enable us to launch a world-class 5G service in India. This is 100 percent homegrown and 'Made in India', and is ready for field deployments next year," RIL Chairman and MD Mukesh Ambani said at the AGM.
Reliance Industries highlighted that it will deploy the 5G technology once the spectrum is available. For the unaware, Jio is looking for approval from the Department of Telecommunication for testing 5G networks in the country. Notably, the company wants to do 5G testing without any help from gear maker firms. This means that products have been designed and developed by Reliance Jio.
Other Important Announcement Made By RIL Chairman During The 43rd AGM
Apart from a partnership with Google and launching 5G networks, Reliance Jio has announced that it is working on several things, such as Jio Glass, which is developed for students and teachers to offer virtual classrooms.
Besides, the company has developed a new set-top box called JioTV Plus, where it is offering content from almost all OTT players. It includes Netflix, Amazon Prime Video, Hotstar, and many more. In fact, the company has launched a new set-top box with a voice-search feature.