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NIFTY| NSE | BSE | SENSEX | STOCK |MARKET LIVE |SHARE MARKET LIVE |INDIAN STOCK LIVE |NIFTY LIVE | UPDATES JULY 15 2020

Google has become the latest high-profile firm to back India’s Reliance Jio  Platforms. The search giant is investing $4.5 billion for a 7.73% stake in the top Indian telecom network, Reliance Industries chairman Mukesh Ambani said on Wednesday.

The investment today from Google is one of the rare instances where the Android-maker has joined its global rival Facebook in backing a firm. Facebook invested $5.7 billion in Reliance Jio Platforms, which has amassed over 400 million subscribers in less than four years of its existence, in April this year for a 9.99% stake in it. Facebook is the largest minority stakeholder in Jio Platforms.

Jio Platforms, a subsidiary of Reliance Industries  (India’s most valued firm) has raised over $20.6 billion in the past four months from 13 investors by selling about 33% stake in the firm.

Google’s new investment gives Jio Platforms an equity valuation of $58 billion — the same valuation implied by Facebook. Other investors including General Atlantic, Silver Lake, Qualcomm, Intel, and Vista have paid a 12.5% premium for their stake in Jio Platforms.

As part of Wednesday’s strategic announcement, Google and Reliance Jio Platforms will work on a customized-version of Android operating system to develop low-cost, entry-level smartphones to serve the next hundreds of millions of users, said Ambani. These phones will support Google Play and future wireless standard 5G, he said.