While many companies are witnessing negative growth and losses due to pandemic triggered an economic slowdown Reliance Industries Limited (RIL) is going the opposite way. After attracting big investments from Facebook it has now got the technology giant Google investing in it.
Google would be investing big in RIL owned Jio Platforms. During the 43rd Annual General Meeting (AGM), which was conducted virtually for the 1st time chairman Mukesh Ambani made the announcement. Google would be investing Rs 33,737 crore (Around USD 5 Billion) in Jio Platforms for a 7.7 percent stake. With this 2nd big deal company’s balance sheet is stronger than ever said the chairman.
No wonder why Mr. Ambani jumped to the 6th spot in the list of the richest people in the world. Mr. Ambani said that the additional revenue will be used to boost its digital businesses in the post-COVID-19 times. During his address at the AGM, he talked about the development of a 5G solution by Jio. He said that the company would push Atma Nirbhar Bharat and would also help the country in becoming digitally connected. “Google and Jio are partnering to build an Operating System that could power a value-engineered, entry-level 4G/5G smartphone. The Jio-Google partnership is determined to make India 2G-mukt “, said Ambani
Google CEO Sundar Pichai also tweeted that “Everyone should have access to the internet”. The deal would surely boost the digitization progress in the country. Ambani said that Reliance Jio has developed a complete 5G solution from scratch. This would help Jio to launch 5G service in India using 100% homegrown technologies and solutions, he said. Further, he said that It will be ready for trial as soon as the 5G spectrum is available and can be ready for field deployment next year.