Jio ready for 5G. In a mega-investment announcement, Reliance Industries (RIL) Chairman Mukesh Ambani on Wednesday said that Google will invest Rs 33,737 crore in Jio Platforms for an equity stake of 7.73 per cent.
Google is investing at an equity valuation of Rs 4.36 lakh crore, said a RIL regulatory filing.
“Jio Platforms Limited, a subsidiary of the Company, today signed binding agreements with Google International LLC pursuant to which Google would invest Rs 33,737 crore for a 7.73 per cent equity stake in Jio Platforms Limited on a fully-diluted basis. Google is investing at an equity valuation of Rs 4.36 lakh crore,” it said.
The transaction is subject to customary regulatory approvals.
Speaking at the Annual General Meeting of RIL, Ambani said that he looks forward to working with investors in Jio Platforms in a collaborative way.
Making another major announcement, the RIL Chairman said that Jio has designed a complete 5G solution and it will be available for trials as soon as spectrum is available.
In a major development amid the chorus for an ‘Aatmanirbhar Bharat’ or self-reliant India, Reliance Industries (RIL) Chairman Mukesh Ambani on Wednesday announced that Reliance Jio has developed a complete 5G solution from scratch.
Speaking at the Annual General Meeting (AGM) of RIL, Ambani said that the “Made-in-India” technology can be deployed and launched in a year’s time once spectrum is available.
He added that Jio can easily upgrade its 4G network to 5G, since it is all-IP network architecture.
“Once it is proven in India, Jio Platforms would be well-positioned to be an exporter of 5G solutions to other telecom operators globally, as a complete managed service,” he said.
The announcement gains significance, as the government considers promoting Indian manufacturers and technology companies in telecom.
In the wake of the recent border tussle with China, the development of an Indian 5G solution is significant as there is anticipation that Chinese 5G solution major Huawei may not be allowed to participate in India’s much anticipated 5G trials.
In another major announcement, the RIL CMD announced that Google will invest Rs 33,737 crore for a 7.7 per cent stake in Jio Platforms Ltd.