Google pays $4.5 billion for 7.7% stake in India’s Reliance digital unit

Reliance

India’s Reliance said Alphabet Inc’s Google will buy a 7.7% stake in its digital unit for $4.5 billion/

The deal is a win for the Indian telecom and entertainment giant after adding Facebook Inc in late April.

With Google’s investment, strategic and financial investors have committed a total of 1.52 trillion rupees ($20.22 billion) in the last few months, Reliance chairman and billionaire tycoon Mukesh Ambani said at the company’s annual shareholders meeting hosted via a webcast.

Reliance’s digital unit Jio Platforms houses music and movie apps but its mainstay is telecoms firm Jio Infocomm – India’s largest mobile carrier with more than 387 million users.

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