Google to pick 7.7 pc stake in Jio for Rs 33,737 crore
PTI, Jul 15, 2020, 2:43 PM IST
Mumbai: Google will pick up 7.7 per cent stake in Reliance Industries” technology venture for Rs 33,737 crore, richest Indian Mukesh Ambani said on Wednesday.
“We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest Rs 33,737 crores for a 7.7 per cent stake in Jio Platforms,” Ambani said at the company”s annual general meeting.
This takes the cumulative fund raising by Reliance in less than three months to Rs 2,12,809 crore, he said.
This includes investments by Facebook and other investors in Jio Platforms and Rs 53,124 crore Rights Issue, and investment by BP in fuel retailing venture.
“It is in excess of our net debt of Rs 1,61,035 crore at the end of FY19-20,” he said. “Reliance is now truly a zero net debt company, well ahead of my goal of March 2021. It has an extremely strong Balance Sheet that will support growth plans for its three Hyper-Growth Engines — Jio, Retail and O2C.”
Reliance has concluded its JV with BP in the existing fuel retailing business. “BP has invested Rs 7,629 crore for their 49 per cent stake in the JV,” he said.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Stock markets stage strong rebound after 4 days of slump, Sensex rallies 599 pts
PHF Leasing Limited raises $10 Mn through a mix of equity and debt
CCPA asks FSSAI to probe claim of Nestle adding sugar to baby products
Markets tank in early trade as Middle East tensions flare-up
Tesla shares tumble below $150 per share, giving up all gains made over the past year
MUST WATCH
Latest Additions
Congress backing polygamy by supporting personal laws: Ravi Shankar Prasad
Lok Sabha Elections 2024: Nitish Kumar has no principles, more dangerous than BJP: Congress chief Mallikarjun Kharge
Continuation of MCC restrictions after polling in Tamil Nadu violation of citizens’ rights: Chidambaram
Apparent Israeli attack on Iran’s territory intercepted, no damage to any installation: Envoy
Feels good when you get most decisions right: KL Rahul