Google has paid Rs 33,737 crore to Jio Platforms Ltd., digital subsidiary of Reliance Industries Ltd. (RIL) and joined the list of global investors in the digital platform. Now, Alphabet Inc’s Google holds 7.73 per cent stake in Jio Platforms. 
With this investment, Jio Platforms has raised Rs 1.52 trillion through selling its 33 per cent stake to 13 financial and strategic investors in just 11 weeks. The funds raised helped Reliance to ease its net debt much ahead of the March 2021 target to become debt-free company.
“Jio Platforms will pursue this global opportunity and create a significant source of revenue from both the domestic and global markets,” said Reliance Industries in a statement. The partnership deal was announced by RIL’s Chairman Mukesh Ambani during the company’s annual meeting.
The Internet giant and India’s largest mobile network operator will collaborate to develop and launch “an entry-level affordable smartphone with optimisations to the Android operating system and the Play Store”, the two companies said earlier. The deal would also seek to leverage the existing digital services of both the companies for capturing the emerging digitisation market beyond the current 500 Internet users in India.