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Google to pay RIL Rs 34,000cr for 7.7% stake in Jio Platforms

Byindianadmin

Jul 16, 2020 #platforms, #stake
Google to pay RIL Rs 34,000cr for 7.7% stake in Jio Platforms

MUMBAI/NEW DELHI: Mukesh Ambani announced new frontiers of expansion in the digital and telecom space and sealed a mega Rs 33,737 crore ($4.5 billion) deal with Google for a minority stake in

Jio Platforms

, managing to score a rare distinction of getting the American search giant walk into a company where

social media major Facebook

is also present.

In the process, Ambani — who has raised a massive Rs 2.12 lakh crore (in excess of Reliance Industries net debt of Rs 1.61 lakh crore) over the past few months — also spoke about plans for getting into indigenous 5G technology that pits him against global telecom tech and infrastructure majors such as China’s Huawei, Finland’s Nokia, Sweden’s Ericsson, and Korea’s Samsung.

After acquiring the biggest chunk of the telecom subscriber base in India, Asia’s richest man is now seeking to be ready to meet the demand for 5G equipment coincides with Huawei’s global blacklisting — from the

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