Mumbai: Reliance Industries Ltd (RIL) and Google on Wednesdayannounced the signing of binding agreements for an investment of Rs 33,737 crore by Google into Jio Platforms.This investment by Google values Jio Platforms at an equity value of Rs 4.36 lakh crore. Google's investment will translate into a 7.73 pc equity stake in Jio Platforms on a fully diluted basis.
With this, the total investment from financial and strategic investors into Jio Platforms stands at Rs 1,52,056 crore.The investment will build on Jio's and Google's existing efforts to expand the benefits of digitization across the length and breadth of India, beyond the current 500+ million Internet users in the country.
Jio Platforms and Google have also entered into a commercial agreement to jointly develop an entry level affordable smartphone with optimizations to the Android operating system and the Play Store. "Together we are excited to rethink, from the ground up, how millions of users in India can become owners of smartphones.
This effort will unlock new opportunities, further power the vibrant ecosystem of applications and push innovation to drive growth for the new Indian economy, " Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said.
RIL AGM, Reliance announces launch of JioTV+ and Jio Glass
Mumbai:Mukesh Ambani controlled Reliance Industries during its 43rd Annual General Meeting announced the launch of JioTV+ and Jio Glass.
Reliance recently crossed Rs 12 lakh crore in market capitalisation, becoming the first listed Indian entity to achieve the milestone.Jio TV+ will curate OTT platforms such as Netflix, Amazon Prime Video and Hotstar, among others, into one app. It will be voice-search enabled.
Company also announced Jio Glass -- a new mixed reality headset, will enable holographic video calling. JioGlass weighs only 75 grams, offers best in class, immersive mixed reality services. Jio Glass can use 3D avatars to make interactions better in the virtual world. The company will also allow designed discussions by sharing 3D holograms.
Jio Glass will connect to the internet via a cable. The Glass already has 25 apps that allow augmented reality video meetings and more, the company said. Jio Glass comes, which weighs 75 gram, comes with a cable that can be attached to the phone and connected to the internet.(UNI)