Google will invest Rs 33,737 crore to buy a 7.7% stake in Jio Platforms – Reliance Industries’ digital arm – Chairperson Mukesh Ambani announced at the company’s Annual General Meeting on Wednesday. This is the 14th investment in Jio Platforms since a nationwide lockdown began to curb the spread of the coronavirus, in March.
The announcement means Reliance Industries has now sold off nearly 33% of its stake in Jio Platforms.
Ambani made the announcement at the 43rd AGM of Reliance Industries, its first virtual Annual General Meeting. The entrepreneur said that despite a huge surge in data traffic as people spent more time online during the lockdown, Reliance Jio’s network has not been overwhelmed, News18 reported.
Ambani also announced a Made-in-India “5G solution”. “Jio has developed complete 5G solution from scratch that will enable us to launch a world-class 5G service in India,” Ambani said. “Field deployment can happen next year. This 5G product will be available for trials as soon as spectrum is available. Jio Platforms will be positioned for 5G solution to other telecom operators.”
At the AGM, the launch of Jio TV+ was also announced. This will be a curated platform for content from all popular over the top or OTT platforms. Jio Glass, a cable that can be connected with the smartphone, was also launched. The app can be used for 3D meetings and video calls. Presentations can also be shared on a virtual screen.
After the announcement, Google Chief Executive Officer Sundar Pichai tweeted: “Everyone should have access to the internet. Proud to partner with Reliance Jio to increase access for the hundreds of millions in India who do not own a smartphone with our first investment of $4.5 billion from the Google for India digitization fund.”