RIL AGM : Jio-Google Joins Hands to Make India 2G-Free

On Jul 15, 2020

Mumbai : Both Reliance Industries and search engine Google will work together to make India 2G free. For this, Google has announced an investment of Rs 33737 crore in RIL’s telecom arm Jio. In return, Google will get 7.7 percent stake in Jio platform. The company is the 14th global company to invest in Jio. With this investment, RIL has raised more than Rs 1.52 lakh crore for Jio in 12 weeks. At the same time, if we also add the rights issue and the investment made by BP, RIL has raised a total of 2.13 lakh crore rupees. With this, RIL became a debt-free company 9 months ahead of target.

Jio and Google will together make Android based smartphones. Also, both companies will make operating systems for smartphones. At the AGM, Mukesh Ambani said that the partnership with Google will make the way to make India 2G free.

These companies invested in Jio
Prior to this, 13 big companies had announced investment in Jio Platform. RIL had raised 1.18 crore from these 13 investors. These companies include Facebook, Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, El Catterton, PIF, Intel Capital and Qualcomm. Facebook started investing in the Jio platform. Facebook had bought a 9.99 percent stake after investing about 44 thousand crore rupees. Now Jio has got 14 investors including Google.

Ready for 5G service trial
Mukesh Ambani said that Jio has developed 5G solution from home technology which will provide world class 5G service in India. Apart from this, it will also be exported to other countries. Its design has been fully developed. It was also told that with the availability of spectrum, its trial will start. Ambani dedicated it to Prime Minister Narendra Modi’s vision of self-reliant India.

Also announced in AGM
He said that more than 10 lakh houses have been connected with Jio Fiber. On this occasion, the company announced the launch of a learning app, which will give a tough fight to Byju. Jio Mart was launched in more than 200 cities during Corona. The company said that Jio Mart has emerged as a reliable grocery solution. The company announced the launch of Geoglass for audio-video. Jio Glass and whatsapp will team up to help small shopkeepers.