Leading search engine Google announced it will be purchasing 7.7% stake in Jio Infocomm– the digital unit of Reliance Industries (RELI) for a whopping $4.5 billion.
Big U.S tech companies seem to be having an interest in the company, back in April Facebook Inc. (FB) invested $5.7 billion in the digital wing. In return, the social media pioneer got 9.9% stake in the company.
Jio is a digital umbrella housing several platforms movie apps, music streaming and download platforms, however the major business under the unit is telecom company Jio Infocomm which currently has more than 387 million users making it the largest mobile carrier in India.
Billionaire investor and Reliance’s Chairman Mukesh Ambani , said the company will be holding its annual shareholder meeting for the year through online channels.
In recent months private equity companies and financial investors have been pumping in cash in the company. Putting in consideration the investment of Google plus what equity companies have been injecting in Jio Infocomm, a total of 1.52 trillion rupees ($20.22 billion) has been injected in the company in the last few months.