"Everyone should have access to the internet".
MUMBAI:In a mega investment announcement, Reliance Industries (RIL) Chairman Mukesh Ambani on Wednesday said that Google will invest Rs 33, 737 crore in Jio Platforms for an equity stake of 7.73 per cent.
Google struck a broad alliance with Mukesh Ambani's Reliance Industries Ltd., agreeing to invest US$4.5 billion and to cooperate on technology initiatives including the development of affordable mobile phones.
"We value our two-decade relationship with Aramco and are committed to a long-term partnership", Ambani said at Reliance Industries' annual general meeting.
Russia`s Sechenov University completes trials of world`s first COVID-19 vaccine
They will likely be given two shots and will be monitored for a year in order for scientists to assess the success rate. In the meantime, the volunteers have been kept in single or double wards on campus at Sechenov University.
Google, which like Facebook reaches almost every online user in India, said on Monday that it planned to invest $10 billion in Asia's third largest economy over the next five to seven years.
Jio Platforms, with over 20 startup partners, has built world-class capabilities in technologies such as 4G, 5G, Cloud computing, Devices and OS, Big Data, AI, AR/VR, Blockchain, Natural Language Understanding and Computer Vision, he said. "The pace and scale of digital transformation in India reinforces our view that building products for India first helps us build better products for users everywhere". While Google is on a mission of ensuring affordable internet access for all, Jio is known for its low-priced data plans, which have made it India's largest telecom operator with 31.7% revenue market share.
The selling of stake was an effort undertaken by Reliance Jio to fulfil the promise it made to its investors of being debt-free before 31st March 2021. Reliance Jio Infocomm Limited, which provides connectivity services to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms.