15.6C
Delhi
Thursday, January 21, 2021

Jio Platforms receives subscription amount of Rs 33,737 cr from Google

- Advertisement -

Jio launches 'Digital Udaan' initiative for new Internet usersNew Delhi, Nov 24 (IANS) Jio Platforms Limited has received the subscription amount of Rs 33,737 crore from Google International LLC, a wholly owned subsidiary of Google LLC.

Jio Platforms Limited has allotted equity shares to Google International LLC following which Google International LLC holds 7.73 per cent of the fully-diluted equity share capital of Jio Platforms Limited.

Reliance Industries Limited (RIL) said in a filing that after receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the company, on Monday received the subscription amount of Rs 33,737 crore from Google International LLC.

The Google investment in Jio was announced on July 15. On November 11, the Competition Commission of India (CCI) had approved the acquisition of 7.73 per cent in Jio Platforms by Google. This was announced by the CCI in a tweet.

READ ALSO:  Cargo movement issues likely to stay as supply chains resume: ADB

This is the first investment from the Google for India Digitization Fund which aims to accelerate India’s digital economy over the next five to seven years through a mix of equity investments, partnerships and operational, infrastructure and ecosystem investments.

Google and Jio Platforms have entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimisations to the Android operating system and the Play Store.

“Together we are excited to rethink, from the ground up, how millions of users in India can become owners of smartphones. This effort will unlock new opportunities, further power the vibrant ecosystem of applications and push innovation to drive growth for the new Indian economy,” Google had announced.

“Our mission with Android has always been to bring the power of computing to everyone, and we’ve been humbled by the way Indians have embraced Android over recent years. We think the time is right to increase our commitment to India significantly, in collaboration with local companies, and this partnership with Jio is the first step,” Google had said.

READ ALSO:  LG, Microsoft join hands on infotainment, management solutions
READ ALSO:  GST: Two-year extension of compensation cess to get approval

“We want to work with Jio and other leaders in the local ecosystem to ensure that smartphones — together with the apps and services in the Play Store — are within reach for many more Indians across the country. And we believe the pace of Indian innovation means that the experiences we create for India can ultimately be expanded to the rest of the world,” it added.

Source: IANS

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Trending News In India

Trending Showbiz

Trending Sports

Latest Trending News In India

Amid protests and fracas, Mumbai Police book ‘Tandav’ team

Mumbai, Jan 20 (IANS): As a controversy and protests raged across India, the Mumbai Police on Wednesday lodged a first information report (FIR) against the...

57 players released by 8 IPL franchises ahead of auction

New Delhi, Jan 20 (IANS): Fifty-seven players have been released by eight Indian Premier League (IPL) franchises ahead of the 2021 auction, to be held...

In ignoring farmers, BJP creating threat to country’s unity: Pawar

Panaji, Jan 20 (IANS) The Bharatiya Janata Party is creating a serious threat to the unity of the nation by failing to resolve the...

SunRisers Hyderabad keep faith in Mitchell Marsh, Jason Holder

New Delhi, Jan 20 (IANS) SunRisers Hyderabad (SRH) have reposed faith in all-rounders Jason Holder and Mitchell Marsh and retained them, along with their...