Reliance AGM: Google to invest Rs 33,737 crore for 7.7% stake in Jio Platforms, says Mukesh Ambani

Search engine large Google will purchase a 7.7% stake in Reliance Industries Limited’s Jio Platforms for Rs 33,737 crore, within the second funding by a US tech firm after Facebook Inc, RIL’s chairperson and managing director Mukesh Ambani mentioned on Wednesday.

“We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest Rs 33,737 crore for a 7.7% stake in Jio Platforms,” Ambani mentioned on the firm’s annual common assembly (AGM).

Mukesh Ambani, world’s sixth-richest particular person, mentioned this takes the cumulative fundraising by Reliance in lower than three months to Rs 212,809 crore.

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Before this, buyers from internationally, together with Facebook and KKR, have already put in $15.64 billion (roughly Rs 1.17 lakh crore) for simply over 25% in RIL’s digital arm Jio Platforms.

This consists of Rs 53,124 crore rights challenge and funding by BP in gas retailing enterprise.

“It is in excess of our net debt of Rs 1,61,035 crore at the end of FY19-20,” he mentioned.

“Reliance is now truly a zero net debt company, well ahead of my goal of March 2021. It has an extremely strong Balance Sheet that will support growth plans for its three hyper-growth engines—Jio, Retail and O2C,” he mentioned.

“Reliance has concluded its JV with BP in the existing fuel retailing business. BP has invested Rs 7,629 crore for their 49 per cent stake in the JV,” he mentioned.

Google additionally mentioned it might spend round $10 billion (roughly Rs 75,000 crore) in India over the subsequent 5 to seven years by means of fairness investments and tie-ups, in its greatest dedication to a key development market.

RIL is holding its 43rd AGM nearly for the primary time amid the continuing coronavirus pandemic with shareholders from 500 places in India and overseas becoming a member of in.

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