India

Google To Pick Up 7.7% Stake In Reliance’s Jio Platforms for $4.5 Billion – Mukesh Ambani

New Delhi (Sputnik): Backed by a series of global investments in Reliance Industries’ telecom arm, Jio Platforms, India’s wealthiest corporate leader, Mukesh Ambani, now ranks sixth among the world’s top billionaires, ahead of Google co-founder Larry Page and Warren Buffet.

Addressing its 43rd Annual General Meeting in Mumbai on Wednesday, chairman of Reliance Industries Ltd Mukesh Ambani said Google will invest $4.5 Billon in the telecom arm of India’s Reliance Industries, Jio Platforms. Google will pick up a 7.7 percent stake in in Jio Platforms, Ambani added.

This is the fourteenth major global investment in Reliance’s Jio Platforms. Announcing the deal, Ambani said he welcomes Google as a strategic investor in Jio Platforms. Reliance is now a zero net-debt company, Ambani added during his address.

India’s Reliance Industries has been on a fund-raising spree since April. Beginning with Facebook’s $5.8 billion purchase of a 9.9 percent stake in Reliance’s telecom platform Jio, the company has seen mega investments worth $15.33 billion in the last two months from global investors.

Following Facebook’s lead, global investors like Vista Equity Partners, General Atlantic, KKR, Silver Lake and Mubadala had made investments in the company.

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