Jio Platforms, a subsidiary of Reliance Industries, has received subscription amount of Rs 33,737 crore from Google International (a wholly-owned subsidiary of Google).
Jio Platforms has allotted equity shares to Google International following which it holds 7.73 percent of the fully diluted equity share capital of Jio Platforms.
On 15 July 2020, Reliance Industries, Jio Platforms and Google announced the signing of binding agreements for an investment of Rs 33,737 crore by Google into Jio Platforms.
Both the companies had also entered into a commercial agreement to jointly develop an entry level affordable smartphone with optimisations to the Android operating system and the Play Store.
Jio Platforms, a majority-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.