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Google buys 7.7% of Reliance's digital unit Jio for $4.5 billion

Reuters/New Delhi
Filed on July 15, 2020
Google,  Reliance, Jio, Mukesh Ambani, India

(Reliance)

With Google's investment, Mukesh Ambani said at the company's annual shareholders meeting hosted via a webcast.

India's Reliance Industries on Wednesday said Alphabet Inc's Google will buy a 7.7 per cent stake in its digital unit for $4.5 billion, winning the backing of another U.S. tech giant after Facebook Inc in late April.

With Google's investment, strategic and financial investors have committed a total of 1.52 trillion rupees ($20.22 billion) in the last few months, Reliance chairman and billionaire tycoon Mukesh Ambani said at the company's annual shareholders meeting hosted via a webcast.

Reliance's digital unit Jio Platforms houses music and movie apps but its mainstay is telecoms firm Jio Infocomm - India's largest mobile carrier with more than 387 million users.


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