Mumbai: Indian industrialist Mukesh Ambani said on Wednesday that Google will have a 7.7 percent stake in Reliance Industries’ Rs 33,737 crore technology venture.
Ambani said at the company’s annual conference, “We are delighted to welcome Google as a strategic investor in the Jio platform. We have signed a binding partnership and an investment agreement under which Google will invest Rs 33,737 crores for a 7.7 per cent stake in Jio Platforms.”
He said that a cumulative fund of Rs 2,12,809 crore is being raised by Reliance in less than three months.
This includes a rights issue worth Rs 53,124 crore by Facebook and other investors in the Jio platform and investment by BP in fuel retail ventures.
“This is more than our net debt of Rs 1,61,035 crore at the end of FY 19-20.” “Reliance is now a truly zero net loan company, well ahead of my target for March 2021. It has an extremely strong balance sheet that will support growth plans for its three hyper-growth engines Jio, Retail, and O2C. “
Reliance has concluded its JV with BP in the existing fuel retail business. “BP has invested Rs 7,629 crore for their 49 percent stake in JV,” he said.