Alphabet Inc’s Google paid Rs 33,737 crore to Reliance Industries’ Jio Platforms, as its largest-ever investment in an Indian organization. Google now holds 7.73 per cent share in RIL’s subsidiary Jio Platforms. Google paid the quantity just after the Competition Commission of India (CCI), earlier this month, authorized the proposed acquire of 7.73 per cent stake in Jio Platforms. Reliance Jio has received a flood of investment in current months. It has raised a total of Rs 1.52 lakh crore by promoting practically 33 per cent stake to 13 monetary and strategic investors in only 11 weeks, assisting to reduce down RIL’s net debt target for the complete fiscal year.
The investment is aimed to create an entry-level inexpensive smartphone with optimisations to the Android operating program and the Play Store. The deal was announced on July 15 at Reliance Industries’ annual common meeting and the partnership was supposed to make each organizations cooperate on technologies initiatives, such as the improvement of inexpensive smartphones.
Earlier, Jio Platforms had received a subscription quantity of Rs two,624.five crore from Intel Capital and Qualcomm Ventures, according to a regulatory filing. The subscription quantity of Rs 1,894.five crore came from Intel Capital for .39 per cent stake in Jio Platforms, and Rs 730 crore came from Qualcomm Asia Pacific for .15 per cent stake. Intel Capital invests globally in revolutionary organizations with a concentrate on disruptive technologies places like cloud computing, artificial intelligence and 5G possibilities exactly where Jio is also innovating and investing for development.
In all, Jio Platforms has raised capital from thirteen investors, such as Facebook, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Public Investment Fund of Saudi Arabia, Intel Capital and Qualcomm Ventures, for a total consideration of 32.9 per cent stake.
Meanwhile, Reliance Jio reported a net profit of Rs two,844 crore, an enhance of 185 per cent on-year for the Q2 FY21. On a quarter-on-quarter basis, the net profit rose practically 13 per cent. The telecom provider had posted a net profit of Rs two,520 crore in the June quarter.