Reliance Industries confirmed it had received INR337 billion ($4.5 billion) from Google for a 7.73 per cent stake in its Jio Platforms unit, completing the US giant’s biggest investment in an Indian company.
In a statement, Reliance Industries said the deal had received all requisite approvals and it had now allotted the equity shares in Jio Platforms to Alphabet’s Google.
The Competition Commission of India approved the proposed investment earlier this month.
When the deal was announced in July, Google said it would would use the investment to focus on delivering an affordable entry-level smartphone to the market by customising the Android operating system. The companies are also set to work together to increase internet usage in India and develop its digital economy.
It is likely Jio Platforms will use the Google partnership to fulfil its ambitions on launching a smartphone priced below $50 to the mass market, a plan it revealed last month.
Google becomes the latest company to pump money into Jio Platforms, which has raised more than $20 billion from a number of high profile investors, including Facebook.Subscribe to our daily newsletter Back