Internet Giant Google has become the latest name to be added in a long list of high-profile organizations that have invested in India’s Reliance Jio Platforms with an infusion of $4.5 billion for a 7.7% stake in the organization.
For Google, it would be 45% of its $10 billion commitment the firm made early this week towards the Indian Economy through a digitization fund spread across five to seven years. The move is a rare instance where tech company has invested in an organization that has investment from its rival Facebook. The social media giant had invested $5.7 billion in April this year for a 9.99% stake in Jio Platforms.
Jio Platforms, a subsidiary of India’s most valued firm, Reliance Industries Ltd (RIL) has raised over $20.6 billion in the past four months from 13 high profile investors by trading about one-third of the firm.
RIL is expected to close this round of raising money after this deal.
Most of the funds raised were directed towards paying for RIL’s debt. The oil-to-retail-telecom conglomerate became a debt-free company after the first 11 back-to-back investments in Jio Platforms and a rights issue.
The firm has been making efforts to position Jio Platforms and its telecom venture Reliance Jio Infocomm as more digital, consumer technology a vision that has lured several investors towards the firm in recent months.