tech2 News StaffJuly 15, 2020 3:37:10 PM IS
Google will acquire a 7.7 percent stake in the Reliance Industries technology company for 33,737 rupees, said wealthiest Indian Mukesh Ambani on Wednesday.
“We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and investment agreement that will allow Google to invest 33,737 rupees for a 7.7 percent stake in Jio Platforms,”
This brings Reliance’s accumulated fundraiser to rupees of 2.12.809 in less than three months, he said.
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This includes investments by Facebook and other investors in Jio Platforms and Rs 53,124 crore rights issue as well as investments by BP in the fuel retail company.
“It exceeded our net debt of 1.61.035 billion rupees at the end of fiscal 19-20,” he said. “Reliance is now truly a zero net debt company, well ahead of my March 2021 goal. It has an extremely strong balance sheet that supports growth plans for its three hyper-growth engines – Jio, Retail and O2C.”
Reliance has completed its joint venture with BP in the existing fuel retail business. “BP invested Rs 7,629 crore for their 49 percent stake in the joint venture,” he said.
That comes days later Qualcomm announced that it is investing Rs 730 crore on Jio platforms last week.
Mumbai-based RIL has now raised a total of 2.12.809 rupees from some of the world’s leading tech investors on a company’s largest fundraiser around the world and during a global lockdown.
Facebook led investments in Jio by purchasing a 9.99 percent stake for 43,574 rupees on April 22. The oil telecommunications conglomerate has since held shares in Jio to global investors such as General Atlantic, KKR, Saudi sovereign wealth fund, Abu Dhabi sovereign wealth fund, Saudi Arabia’s PIF and Intel.
Disclaimer: Reliance Industries Ltd. is the only beneficiary of the Independent Media Trust that controls Network18 Media & Investments Ltd that Firstpost publishes
With input from PTI
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