NEW DELHI (Reuters) – India’s Reliance Industries will buy a 7.7 percent stake in its digital unit for $ 4.5 billion, winning support from another US tech giant after it won Facebook support in late April, India’s Reliance Industries said on Wednesday.
Reliance Chairman Millionaire Mukesh Ambani said during the annual meeting of the company’s shareholders, which took place online that the total pledges of strategic and financial investors, after adding Google investment, amounted to 1.52 trillion rupees ($ 20.22 billion) during the past few months.
The company said in a statement that Google’s investment in Geo Platforms was made at a valuation of 4.36 trillion rupees ($ 58.01 billion) for the digital platform.
The unit includes applications for music and movies, but its main pillar is the communications company Geo Infocom, the largest mobile phone company in India, with more than 387 million users.
Reliance-Google’s announcement comes days after Alvtab Sander Pichai CEO said his company will invest $ 10 billion in India within five to seven years, with stock deals and mergers.
The investment arm of Qualcomm and Intel Corp, two chip manufacturers, bought stakes in Geo Platforms this month, as India prepares to offer frequencies for its 5G network in India at an auction for telecom service providers.
Prepared by Hala Kandil for the Arab Bulletin – Edited by Moataz Mohamed