Published 14:36 IST, July 15th 2020
Reliance AGM: Google to invest Rs 33,737 crore for 7.7% stake in Jio, says Mukesh Ambani
Mukesh Ambani, the chairman and managing director of Reliance Industries Ltd., announced that Google will 33,737 crores for 7.7 per cent stake in Jio Platforms.
- Republic Business
- 2 min read
Mukesh Ambani, the chairman and managing director of Reliance Industries Ltd., announced that Google will 33,737 crores for 7.7 per cent stake in Jio Platforms. Addressing the shareholders at Reliance Industries' 43rd AGM, Ambani welcomed strategic partner Google in Jio platforms, announcing that it signed a binding partnership on July 15.
“In last year’s AGM speech, I had shared our goal of being net debt-free. I have happy to report that we have met our goal ahead of the target. We also completed India’s largest rights issue,” said the RIL chairman while welcoming several partners including Facebook and Intel among others.
Jio ready with 5G solution
Ambani also announced that Jio has developed a complete 5G solution from scratch, that will enable it to launch a world-class 5G service in India using 100% homegrown technologies and solutions. Addressing the shareholders at Reliance Industries' 43rd AGM, Ambani dedicated the Jio 5G Prime Minister Narendra Modi’s Aatmnirbhar Bharat initiative.
"Jio is ready with a world-class 5G solution. Field deployment can happen next year. This 5G product will be available for trials as soon as the spectrum is available. Jio Platforms will be positioned for 5G solution to other telecom operators,” said Ambani.
The latest announcement comes after US State Secretary Mike Pompeo listed Reliance Jio as among the "Clean Telcos" of the world for refusing to do business with Chinese companies like Huawei. The RIL chairman said that Jio’s network has held firm despite a huge surge in data traffic due to the COVID-19 pandemic.
A zero net debt company
Ambani said that Reliance Jio is now truly a zero net debt company, well ahead of his goal of March 2021. He said that the world will change more in the next eight decades than it did in the last 20 centuries and India can lead this change if its enterprises are empowered with necessary tech infrastructure and capabilities.
“We (Jio) can create compelling solutions that span multiple industry verticals and ecosystems like media, financial services, new commerce, education, healthcare, agriculture, smart cities, smart manufacturing and smart mobility,” added Mukesh Ambani.
Updated 15:16 IST, July 15th 2020