Google to buy 7.73% stake in Jio Platforms

Internet major Google will buy a 7.73% stake in Reliance Industries (RIL)'s telecom and digital unit Jio Platforms for Rs 33,737 crore.

Jio Platforms, a subsidiary of the company, today (15 July) signed binding agreements with Google International LLC pursuant to which Google would invest Rs 33,737 crore for a 7.73% equity stake in Jio Platforms on a fully-diluted basis. Google is investing at an equity valuation of Rs 4.36 lakh crore, RIL said in a statement issued on bourses today, 15 July.

With this, the total investment from financial and strategic investors into Jio Platforms stands at Rs 1,52,056 crore.

RIL is currently holding its 43rd annual general meeting (AGM) virtually. The company's chairman and managing director Mukesh Ambani is hosting the meeting.

RIL the first Indian company to cross Rs 1,00,000 crore EBITDA, Ambani said at the AGM.

Shares of RIL were trading 2.2% higher at Rs 1959.25 on BSE.

RIL is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

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