JIO SECURES $4.5 BN FROM GOOGLE

MUMBAI: Alphabet Inc.’s Google will invest $4.5 billion in Reliance Industries Ltd’s digital unit, joining a list of global backers, including Facebook, seeking to exploit India’s vast and fast-growing market of internet users.

The deal will give Google a 7.73% stake in RIL’S Jio Platforms at a valuation of ₹4.43 lakh crore, marking the US technology giant’s biggest-ever investment in an Indian company. The transaction is subject to regulatory and other approvals. The partnership with Google was announced by RIL chairman Ambani during the company’s annual meeting.