Google Invests $4.5 Billion in India's Reliance Jio Platforms
Google has become the latest high-profile firm to back India's Reliance Jio Platforms. The search giant is investing $4.5 billion for a 7.73% stake in the top Indian telecom network, Reliance Industries chairman Mukesh Ambani said on Wednesday. From a report: The investment today from Google is one of the rare instances where the Android-maker has joined its global rival Facebook in backing a firm. Facebook invested $5.7 billion in Reliance Jio Platforms, which has amassed over 400 million subscribers in less than four years of its existence, in April this year for a 9.99% stake in it. Facebook is the largest minority stakeholder in Jio Platforms. Jio Platforms, a subsidiary of Reliance Industries (India's most valued firm) has raised about $20.2 billion in the past four months from 13 investors by selling about 33% stake in the firm. (For some context, the entire Indian startup ecosystem raised $14.5 billion last year.) Google's new investment gives Jio Platforms an equity valuation of $58 billion -- the same valuation implied by Facebook. Other investors including General Atlantic, Silver Lake, Qualcomm, Intel, and Vista have paid a 12.5% premium for their stake in Jio Platforms. As part of Wednesday's strategic announcement, Google and Reliance Jio Platforms will work on a customized-version of Android operating system to develop low-cost, entry-level smartphones to serve the next hundreds of millions of users, said Ambani. These phones will support Google Play and future wireless standard 5G, he said.
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