NEW DELHI: Reliance Industries Ltd (RIL) said on Tuesday that its digital sector subsidiary Jio Platforms has received Rs 33,737 crore from Google for a 7.73 per cent stake. The US internet giant had announced the investment, which is its biggest ever in India, over the course of the summer.
The past year has seen Jio Platforms sign agreements for investments worth Rs 1,52,056 crore, and with the receipt of Google’s subscription amount, it has received the expected cash from all investors.
The transaction comes after the Competition Commission of India (CCI) recently approved Google’s investments into Jio Platforms and the partnership to develop affordable 4G and 5G Android-based smartphones.
“We hereby inform that, after receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the Company, today received the subscription amount of Rs 33,737 crore from Google International LLC (a wholly owned subsidiary of Google LLC),” RIL informed the BSE late on Monday.
Jio Platforms 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 Ltd, according to the statement.