RELI

Google buys 7.7% of Reliance's digital unit Jio for $4.5 bln

Credit: REUTERS/ARND WIEGMANN

NEW DELHI, July 15 (Reuters) - India's Reliance Industries on Wednesday said Alphabet Inc's Google will buy a 7.7% stake in its digital unit for $4.5 billion, winning the backing of another U.S. tech giant after Facebook Inc in late April.

With Google's investment, strategic and financial investors have committed a total of 1.52 trillion rupees ($20.22 billion) in the last few months, Reliance chairman and billionaire tycoon Mukesh Ambani said at the company's annual shareholders meeting hosted via a webcast.

Reliance's digital unit Jio Platforms houses music and movie apps but its mainstay is telecoms firm Jio Infocomm - India's largest mobile carrier with more than 387 million users. ($1 = 75.1590 Indian rupees) (Reporting by Sankalp Phartiyal, editing by Louise Heavens) ((sankalp.phartiyal@thomsonreuters.com; +91-11-49548064;)) Keywords: RELIANCE AGM/ (PIX)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.