One of the greatest US technology giant, Google, has agreed to invest in Reliance Industries digital business.
The top search engine has agreed to invest around $4.5 billion for a stake of 7.7% in Jio. Google has become the fourth major investor in Jio after Qualcomm, Intel, and Facebook.
US technology giants Qualcomm and Intel have bought smaller stakes in Jio. However, Facebook said that it would pay around $5.7 billion to Jio for a stake of 9.9%.
This week Google’s CEO, Sundar Pichai told that India is becoming a hub of digital transformation and over the next five years, Google will surely invest around $10billion in India.
Mukesh Ambani, chairman and managing director of Reliance Industries, which is the parent company of Jio, said that the companies will soon introduce phones that will support 4G and 5G networks. He also confirmed that they have successfully developed a 5G network.
It mainly covers two aspects, first is boycotting Chinese products in India which was decided by the Indian government after the conflict between India and China on LAC.
Chinese company Huwaei was attempting to set up its 5G platform in India, but now India’s Jio has taken over the responsibility to provide a faster network to the people. And the second aspect is, fitting in the PM Modi’s self-reliant India program.
From the last few months, it looks like the World’s ninth richest person is on a shopping spree. He managed to hook more than ten investors, which helped him to remove his debt of $21billion. Not only this, but he is also expanding his market in e-commerce, ready to challenge the prime rival Amazon.
Jio is one of the most popular networks in India having more than 400 million subscribers. And recently, Jio announced to launch a delivery service aiming to compete with Amazon.