NEW DELHI (AP) — Google plans to invest $4.5 billion in India’s Jio Platforms Ltd, the company announced Wednesday, taking a 7.7% stake in the digital services company owned by multi-billion dollar Reliance Industries.
Google CEO Sundar Pichai said in a tweet that the partnership with Jio will help connect hundreds of millions of Indians who do not own a smartphone.
Jio Platforms Limited owns India’s largest mobile network operator Jio and other digital businesses controlled by billionaire Mukesh Ambani’s Reliance Industries, the country’s most highly-valued company.
Among other projects, Jio and Google will build a low-cost smartphone.
Google’s announcement came just days after it announced it would invest $10 billion to help accelerate India’s transition to a digital economy in the next five to seven years.