Google invests $4.5 Billion in Reliance Jio for 7.73% stakes, said by Mukesh Ambani, Chairman Reliance Industries. In the last few weeks, Reliance Jio platforms raised $20.2 billion from 13 big investors which are more than the amount raised by the entire Indian startup ecosystem fund($14.5 billion) last year.
As per information, Google and Reliance Jio will work together on a customized version of the Android operating system to develop low-cost, entry-level smartphones which will support 5G technology also.
“Getting technology into the hands of more people is a big part of Google’s mission,” said Sundar Pichai, CEO at Alphabet Inc(Parent Company of Google), via a video chat on Wednesday. “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,” he said.
Recently Google announced that Google is going to invest $10 billion in India in the upcoming next to seven years. Sundar Pichai, CEO of Google announced today during Google for India event. This fund is titled as Google for India Digitization Fund.
Pichai also said the fund will be used in equity, partnership, and infrastructure spending. Google is also planning to open in Bengaluru, Karnataka, India for Google AI Lab and Google Payments.
Currently, we are seeing many big tech giants are investing in India. As we have seen Facebook invested in Jio, India's biggest mobile network.
According to the World Economic Forum, India could be the "next Silicon Valley."
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