Google confirms it's investing $4.5 billion in India's Jio Platforms four months after Facebook's punt on the company

Owned by Mukesh Ambani's Reliance Industries, Jio Platforms operates the Jio Infocomm telecom network, which has amassed over 388 million 4G subscribers since launching in 2016. Today it is India's top telco, and also has several apps and other services in e-commerce and broadband.

"Together we are excited to rethink, from the ground up, how millions of users in India can become owners of smartphones," wrote Samat in the blog post. "This effort will unlock new opportunities, further power the vibrant ecosystem of applications and push innovation to drive growth for the new Indian economy."

The money is being invested via the Google For India Digitization Fund, which was announced earlier this week. Samat said the fund has been set up to "accelerate India's digital economy over the next five to seven years through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments."as a strategic investor in Jio Platforms," Reliance Jio wrote on Twitter.

Innovation at it's best and regulators cant touch them...this is sort of facilitation fee for regulatory forbearance in India. Indian regulators cant be bought for a price and they dont dare say no to mukesh ambani

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ackman's blank check company raises IPO target to $4 billionPershing Square Tontine Holdings Ltd, the blank check company backed by billionaire investor Bill Ackman, has increased the size of its initial public offering by $1 billion to $4 billion, the largest ever IPO by a special purpose acquisition company.
Source: Reuters - 🏆 2. / 97 Read more »