Indian business giant entity, Reliance, is looking to receive funds from world-renowned internet giant Google. It has been confirmed that Google intends to buy a stake in India’s number one business entity Reliance wherein Google will pay paying US$ 4.5 billion for the purchase of the company’s digital unit. Google intends to develop an entry-level smartphone with the collaboration of Reliance. The representatives of both the companies confirmed the arrangement between the two companies when both were looking to get their hands on India’s humongous trade market.
Mukesh Ambani, who is running the affairs of Reliance, has told the local media that he and his countrymen are happy to welcome digital media giant, Google, in India and to take the relationship between the two would want to go the next level. An agreement for investment and partnership has been duly executed and recorded between Google and Reliance. According to the executed agreement, Google now owns approximately 7.7% stake in Reliance’s Jio Platforms. The execution of the agreement was later on confirmed by Reliance’s Mukesh Ambani when he informed the news to the shareholders at an annual meeting of the company.
Apart from developing an entry-level smartphone with mutual collaboration, the two digital media giants of the world have also agreed upon building an “Android-based operating system” for mobile phones, said Mukesh Ambani. Mukesh Ambani also said that India is looking forward to becoming a 5G nation very soon.
On the other hand, Sunder Pichai who is the CEO of Google said that Jio of Reliance had played a vital role in the telecom sector by allowing the country’s citizens to enjoy top-notch smartphones at cheaper rates and mobile data which has directly helped brought millions of Indian users online. He further said that with the collaboration of both the companies, they aim to bring billions of Indian users online.
A few of the major entities of the world including Intel and Facebook also had their hands on the stocks of Jio which is roughly US$ 15 billion.