Google buys 7.7% of Reliances digital unit Jio for $4.5 bln - Reuters

Google buys 7.7% of Reliances digital unit Jio for $4.5 bln - Reuters

NEW DELHI, July 15 (Reuters) - India’s Reliance Industries on Wednesday said Alphabet Inc’s Google will buy a 7.7% stake in its digital unit for $4.5 billion, winning the backing of another U.S. tech giant after Facebook Inc in late April.

With Google’s investment, strategic and financial investors have committed a complete of 1.52 trillion rupees ($20.22 billion) within the previous couple of 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 quite 387 million users. ($1 = 75.1590 Indian rupees) (Reporting by Sankalp Phartiyal, editing by Louise Heavens)