Google will pick up 7.7 percent stake in Reliance Industries’ technology venture for Rs. 33,737 crores, richest Indian Mukesh Ambani said 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 crores for a 7.7 percent stake in Jio Platforms,” Ambani said at the company’s annual general meeting.
This takes the cumulative fund raising by Reliance in less than three months to Rs. 2,12,809 crores, he said.
“It is in excess of our net debt of Rs. 1,61,035 crores at the end of FY19-20,” he said. “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.”
Reliance has concluded its JV with BP in the existing fuel retailing business. “BP has invested Rs. 7,629 crores for their 49 percent stake in the JV,” he said.