Jio Platforms to raise Rs. 33737 Crore from Google for 7.7% stake

Mukesh Ambani, Chairman and Managing Director of Reliance Industries at the company’s 43rd annual AGM virtual event has announced that Google will invest Rs. 33,737 crore in Jio Platforms. The investment will translate into a 7.73% equity stake in Jio Platforms on a fully diluted basis.

With this investment, Jio Platforms has raised Rs. 1,52,056 crore from leading global investors including Facebook (Rs. 43,574 crore), Silver Lake (Rs. 10,202.55), Vista Equity Partners (Rs. 11,367 crore), General Atlantic (Rs. 6,598.38  core), KKR (Rs. 11,367 crore), Mubadala (Rs. 9093.60 crore), ADIA (Rs. 5683.50), TPG and L Catterton (Rs. 4546.80 crore and Rs. Rs. 1,894.50 crore), The Public Investment Fund (PIF) (Rs. 11,367 crore), Intel Capital (Rs. 1894.50 Crore) and Qualcomm Ventures (Rs. 730 Crore) since April 22, 2020.

RIL has concluded its JV with BP in the existing fuel retailing business. BP has invested Rs. 7,629 crore for their 49% stake in the JV. Cumulatively, RIL has raised Rs. 2,12,809 crore through Rights Issue, combined investments in Jio Platforms, and investment by BP. It is in excess of RIL’s Net Debt of Rs. 1,61,035 crore at the end of FY19-20.

These transactions are subject to regulatory and other customary approvals.

Author: Srivatsan Sridhar

Srivatsan Sridhar is a Mobile Technology Enthusiast who is passionate about Mobile phones and Mobile apps. He uses the phones he reviews as his main phone. You can follow him on Twitter and Instagram