Google to invest $4.5 bn for 7.7 pc in Jio Platforms
Addressing the shareholders of RIL at its 43rd annual general meeting (AGM) through video conferencing and other audio-visual means, the chairman Mukesh Ambani said, “Jio has developed a complete 5G solution from scratch that will enable us to launch a world-class 5G service in India,”
This year’s AGM of RIL, the country’s largest company in terms of market capitalisation, didn’t have major surprises as expected.
The past two months, however, saw enough headlines with regard to investments in equity of Jio Platforms. The chairman announced that Google will invest Rs33,737 crore (apprx $4.5 billion) for a 7.7 per cent stake in Jio Platforms.
In addition, Jio also revealed that the company is developing Jio TV Plus, Jio Glass, and more. The company also announced details on JioMart and Jio 5G solution.
The telecom operator promises 100 per cent home developed 5G. Ambani said the trials will start soon and will be ready for field deployment by next year.
Ambani also announced that Google and Jio are partnering to build an Android based smartphone operating system.
He announced that Jio Platforms and Google have entered into a commercial agreement to develop entry-level affordable smartphones with optimisations to the Android operating system and Play Store.
Ambani said, “Google and Reliance Jio are partnering to build a value-engineered Android-based smartphone operating system. Through this partnership, we can accelerate the national mission of putting a smart device in the hands of every Indian.”