Google to invest Rs 33,737 cr in Jio Platforms: Mukesh Ambani

'Jio developing a complete 5G solution from scratch'

Mumbai: United States-based multinational technology company Google to invest Rs 33,737 crore for a 7.7% stake in Jio Platforms, Indian bIz firm Reliance Industries Limited (RIL) Chairman, Mukesh Ambani announced in its first virtual Annual General Meeting here on Wednesday.

In addition to this, Mukesh Ambani announces Jio developing a complete 5G solution from scratch; trials to be launched as soon as 5G spectrum is available.

He also mentioned that the company is developing its Jio TV Plus, Jio Glass, and more.

He said, “Due to unforeseen circumstances in the energy market and the COVID-19 situation, the Saudi Aramco deal has not progressed as per the original timeline. Our equity requirements have already been met. Nevertheless, we at Reliance value our over two-decade-long relationship with Saudi Aramco and are committed to a long-term partnership," He announced to spin off its oil business to chemical business into a separate subsidiary by early 2021, after approval of national regulatory authorities.

He further added, RIL group's retail venture has received strong interest from strategic and financial investors and will induct global partners and investors in Reliance Retail in the next few quarters, counting his JioMart success, he informed this platform is piloted in 200 cities with over 2.5 lakh daily orders.

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