Sundar Pichai: 'Google's $4.5 bn investment in Jio part of $10 bn Digitization Fund'

Google CEO Sundar Pichai said he is 'proud to partner' with Reliance Jio as tech giant will invest Rs 33,737 crores for 7.7 per cent stake in Jio Platforms. Mukesh Ambani, chairman and managing director of Reliance Industries Ltd, anunced investment by Google during 43rd annual general meeting of Reliance Industries Limited.. Both firms will w work toger to come with a smartphone at a cost less than current criteria in market.

Pichai took to Twitter to respond to anuncement and said everyone should have access to internet ding that partnership will increase access for millions of Indians. He furr anunced an investment of $4.5B from Google for India Fund. 

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Google invests in Jio platforms

"Today we signed an agreement to invest $4.5 billion (INR 33,737 crore) in Jio Platforms Ltd, taking a 7.73 percent stake in company, pending regulatory review in India. This is first investment from Google For India Digitization Fund anunced earlier this week, which aims to accelerate India’s digital ecomy over next five to seven years through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments," Pichai said.  Ambani welcomed strategic partner Google in Jio platforms, anuncing that it signed a binding partnership on July 15. 

 Jio and Google to develop smartphones

After selling over 100 million Jio Phones in market until w, Ambani expressed confidence in designing an “entry-level 4G or even a 5G smartphone” along with US-based company. Pichai, in his blog, mentioned that Google and Reliance will toger work to rethink how millions of users in India can become owners of smartphones.

"Google and Jio Platforms have entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimizations to Android operating system and Play Store. Toger we are excited to rethink, from ground up, how millions of users in India can become owners of smartphones. This effort will unlock new opportunities, furr power vibrant ecosystem of applications and push invation to drive growth for new Indian ecomy," said Pichai

Earlier during event, Mukesh Ambani anunced that two firms will work toger to bring entry-level 4G and 5G smartphones. highlight of se phones is that y will cost much less compared to current price in market. se low-cost smartphones aim to increase internet access among millions of people in India. 

"Have sold 100 million Jio Phones till date. But re are many feature phone users waiting to upgre to a conventional smartphone. We believe we can design an entry-level 4G or even a 5G smartphone. We believe that we can design such a phone at a fraction of current cost. Google and Jio are partnering to build a value-engineered Android-based smartphone Operation System,” Mukesh Ambani h said.

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Google aims to increase smartphones and apps

Google CEO said that company's mission with Android has always been to bring power of computing to everyone. He ded that company is humbled "by way Indians have embraced Android over recent years." Pichai concluded by saying that "We look forward to bringing smartphone access to more Indians—and exploring many ways we can work toger to improve Indians’ lives and vance India’s digital ecomy."

"We think time is right to increase our commitment to India significantly, in collaboration with local companies, and partnership with Jio is first step. We want to work with Jio and or leers in local ecosystem to ensure that smartphones—toger with apps and services in Play Store—are within reach for many more Indians across country. And we believe pace of Indian invation means that experiences we create for India can ultimately be expanded to rest of world," Pichai said.  

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