Google to invest US$4.5bil in India’s Jio Platforms

Interest in Jio is high because it’s seen as a gateway to India’s large and growing online population – second only to China’s. — Bloomberg

Google has agreed to buy a US$4.5bil (RM19.18bil) stake in Jio Platforms Ltd, the digital arm of Reliance Industries Ltd, adding to a series of large US investments into an online venture that has nearly 400 million users in India.

The global search leader is acquiring 7.7% of the fast-growing Internet unit for 337.4 billion rupees (RM19.13bil), Reliance Chairman Mukesh Ambani said July 15, confirming an earlier Bloomberg News report. Google, whose Android software runs on most smartphones, will help Jio create an entry-level, affordable mobile device, executives said.