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7/15, 11:09 AM (Source: TeleTrader)
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Google invests $4.5 billion in India's Jio Platforms

Google LLC is investing $4.5 billion to acquire a 7.7% stake in India's digital services provider Jio Platforms Limited, the company's Chairman Mukesh Ambani disclosed on Wednesday. Furthermore, Google revealed plans to jointly develop an affordable Android smartphone for India's market.

This announcement comes just two days after Google's Chief Executive Sundar Pichai revealed the tech giant will invest $10 billion in India's Digitalization Fund over the next five years. Earlier in April, Facebook Inc. also invested $5.7 billion in Reliance Jio Platforms.

Meanwhile, stocks of the India-based company surged almost 30% since the start of the year as Jio Platforms raised over $20.6 billion from selling around 33% stake.

Breaking the News / ND