MUMBAI, July 15 — Google will buy a US$4.5 billion (RM19.1 billion) stake in Reliance’s digital unit and jointly develop an entry-level smartphone with the Indian conglomerate, the two companies said today as global tech giants race to grab a share of the country’s massive market. “We are...
Google will buy a US$4.5 billion stake in Reliance’s digital unit and jointly develop an entry-level smartphone with the Indian conglomerate. ― Reuters pic
“We are delighted to welcome a household name in India and worldwide, Google, and have signed a binding partnership and investment agreement,” which will give the US firm a 7.7 per cent stake in Jio Platforms, Mukesh Ambani told shareholders at the oil-to-telecom behemoth’s annual meeting. “With cheap smartphones and data, millions of Indians came online and Jio had a big role in it. Our goal is to bring a billion Indians online,” Google’s chief executive Sunder Pichai said in a pre-recorded video message released at the meeting.
The tycoon, who upended India’s telecom sector after launching the Jio mobile service in 2016, is looking to roll out an e-commerce initiative that will tap into its huge 388-million-strong subscriber base.
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