Google picks up 7.73% stake in Jio Platforms at Rs 33,737 Crore; Entry level smartphones to be made jointly

Reliance Industries on Wednesday announced its partnership with Google wherein the latter has picked up a 7.73% stake in Jio Platforms at Rs 33,737 Crore. The total stake sale in Jio Platforms has now reached 32.97% with Google’s investment which valued Jio Platforms at an at an equity value of Rs 4.36 lakh crore. Google’s investment will translate into a 7.73% equity stake in Jio Platforms on a fully diluted basis.

Google and Jio Platforms will also develop entry level affordable smartphone with optimizations to the Android operating system and the Play Store. Google now holds the second largest minority stake in Jio Platforms behind Facebook. Google has become the 13th minority stake in Jio Platforms.

Jio Platforms Stake Sale – At a Glance

  1. Facebook – 9.99% (Rs 43,573.62 Crore)
  2. Silver Lake Partners – 1.15% (Rs 5,656.75 Crore)
  3. Vista Equity Partners – 2.32% (Rs 11,367 Crore)
  4. General Atlantic – 1.34% (Rs 6,598.38 Crore)
  5. KKR – 2.32% (Rs 11,367 Crore)
  6. Mubudala – 1.85% (Rs 9,093.6 Crore)
  7. Silver Lake Partners (Second Investment) – 0.93% (Rs 4,546.8 Crore)
  8. Abu Dhabi Investment Authority – 1.16% (Rs 5,683.5 Crore)
  9. TPG – 0.93% (Rs 4546.8 Crore)
  10. L Catterton – 0.39% (Rs 1894.5 Crore)
  11. PIF – 2.32% (Rs 11,367 Crore)
  12. Intel Capital – 0.39% (Rs 1,894.50 Crore)
  13. Qualcomm Ventures – 0.15% (Rs 730 Crore)
  14. Google – 7.73% (Rs 33,737 Crore)

Mr Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “Google has empowered millions of Indians to access helpful information and, like Jio, is a force for change and innovation. We welcome Google onboard and are excited about our partnership for what it can deliver to Indians, from universalising Internet usage to deepening the new digital economy and providing a prime mover to India’s economic growth. Together, we hope to play a strong facilitative role in the transformative journey of building a new, Digital India.”

Mr. Sundar Pichai, CEO of Google and Alphabet, said, “Reliance Industries, and Jio Platforms in particular, deserve a good deal of credit for India’s digital transformation. The pace and scale of digital transformation in India is hugely inspiring for us and reinforces our view that building products for India first helps us build better products for users everywhere. Google is proud to invest Rs 33,737 crore into Jio. I am excited that our joint collaboration will focus on increasing access for hundreds of millions of Indians who don’t currently own a smartphone while improving the mobile experience for all.”

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