July 15, 2020: Google will invest Rs 33,737 crore for a 7.7 per cent stake in Jio Platforms, Reliance Industries Chairman Mukesh Ambani said at the group's 43rd,and first-ever virtual annual general meeting, held on Wednesday.

This investment by Google values Jio Platforms at an equity value of Rs 4.36 lakh crore. Jio Platforms is the digital services arm of Reliance Industries, which houses telecom company Reliance Jio Infocomm. This is the fourteenth investment in Jio Platforms since April 22 this year.

Google's move comes at a time the government is preparing to auction 5G airwaves to telecoms service providers.

The investment by Google takes the cumulative fund-raising by Reliance Industries to Rs 2,12,809 crore in less than three months, which includes investments in Jio Platforms and the rights issue worth Rs 53,124 crore.

Google joins a slew of private equity firms that have invested in Mukesh Ambani's technology venture in the past three months. The investors in Jio Platforms include the US-based Facebook, General Atlantic, KKR and Intel Corporation, Abu Dhabi-based Mubadala and Abu Dhabi Investment Authority, and Saudi Arabia's Public Investment Fund.

Meanwhile, Google had announced a $10 billion digital fund for India a few days back that entailed investments in existing companies as well as expansion of AI foot print and spreading internet awareness in rural areas.