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Jio Platforms receives subscription amount of Rs 33,737 cr from Google
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SME Times News Bureau | 24 Nov, 2020
Jio Platforms Limited has received the subscription amount of Rs 33,737
crore from Google International LLC, a wholly owned subsidiary of Google
LLC.
Jio Platforms Limited has allotted equity shares to Google
International LLC following which Google International LLC holds 7.73
per cent of the fully-diluted equity share capital of Jio Platforms
Limited.
Reliance Industries Limited (RIL) said in a filing that
after receipt of all requisite approvals, Jio Platforms Limited, a
subsidiary of the company, on Monday received the subscription amount of
Rs 33,737 crore from Google International LLC.
The Google
investment in Jio was announced on July 15. On November 11, the
Competition Commission of India (CCI) had approved the acquisition of
7.73 per cent in Jio Platforms by Google. This was announced by the CCI
in a tweet.
This is the first investment from the Google for
India Digitization Fund which aims to accelerate India's digital economy
over the next five to seven years through a mix of equity investments,
partnerships and operational, infrastructure and ecosystem investments.
Google and Jio Platforms have entered into a commercial
agreement to jointly develop an entry-level affordable smartphone with
optimisations to the Android operating system and the Play Store.
"Together
we are excited to rethink, from the ground up, how millions of users in
India can become owners of smartphones. This effort will unlock new
opportunities, further power the vibrant ecosystem of applications and
push innovation to drive growth for the new Indian economy," Google had
announced.
"Our mission with Android has always been to bring
the power of computing to everyone, and we've been humbled by the way
Indians have embraced Android over recent years. We think the time is
right to increase our commitment to India significantly, in
collaboration with local companies, and this partnership with Jio is the
first step," Google had said.
"We want to work with Jio and
other leaders in the local ecosystem to ensure that smartphones —
together with the apps and services in the Play Store — are within reach
for many more Indians across the country. And we believe the pace of
Indian innovation means that the experiences we create for India can
ultimately be expanded to the rest of the world," it added.
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