Google to buy $4.5 billion stake in digital unit of India’s Reliance: Ambani
- 15 Jul 2020
Google is to buy a $4.5-billion stake in Reliance's digital unit, the head of the Indian conglomerate said on Wednesday as global tech giants race to grab a share of the massive e-commerce market.
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"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 Silicon Valley firm a 7.7-per cent stake in Jio Platforms, Mukesh Ambani told shareholders at the oil-to-telecom behemoth's annual meeting.
Major players including Facebook, Intel and others have already ploughed some $15 billion into Jio Platforms this year, as Ambani — India's richest man — seeks to take on US giants Amazon and Walmart in India's growing online retail sector.
Agence France-Presse