Google will invest $4.50 billion of close to Rs.33,700 crore to pick up a 7.7% stake in Jio Platforms. This investment was being talked about and the 43rd AGM has given official confirmation. With this stake sale, Reliance has now sold close to 33% stake in Jio Platforms for a consideration of Rs.1,52,000 crore, making the debt-free journey a lot simpler.

Sundar Pichai had just announced a $10 billion Google India Digitization Fund and this will be their first major investment in India. Google’s 7.7% stake comes at a much lower valuation, almost at par with Facebook. But this is a strategic partnership. The basic idea is to expand the internet base in India from 500 million to 1 billion.

The alliance is a marriage made in heaven. Jio has 387 million subscribers while Google search engine, Google Maps, and Android are highly popular mediums of online service delivery to customers. Reliance and Google will expand the reach and intensity of customer engagement as well as the digital enablement of millions of small businesses in India.