Google in advanced talks to invest $4 billion in Jio platforms

Tech giant Google is reportedly in advanced talks to invest $4 billion in Jio Platforms, the digital services arm of Reliance Industries Limited (RIL). The fresh funding bid comes just two days after billionaire Mukesh Ambani-led Jio Platforms raised Rs 730 crore in a investment round by Qualcomm Ventures, the investment arm of Qualcomm Incorporated, for a 0.15 per cent equity stake. The latest investment in Jio Platforms was at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

The digital arm of the Reliance Industries has so far received thirteen investments in last three months, raising as much as Rs 1.18 lakh crore. The series of investments were made by marquee global companies and investors that include Facebook, Silver Lake Partners (two investments), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures. Such consecutive investments in Jio platforms have also helped RIL become zero net-debt company eight months before the deadline (March 2021) set by chairman Mukesh Ambani.

Meanwhile, RIL share price were trading 0.89 per cent lower at Rs 1,917 apiece on the Bombay Stock Exchange, while the benchmark BSE Sensex was down 1.8 per cent at 36,033. The stock of the energy-to-telecom conglomerate opened day’s trade at Rs 1934.70 and hit an intraday high and low of Rs 1,941 and Rs 1,887.80, respectively.

-Business Today