Reliance Industries confirmed a Rs Rs33,737crore investment by Google for a 7.73 percent stake in Jio Platforms; plans to accelerate the transformation of its consumer-led businesses
A new, affordable Android-based smartphone; an accelerated rollout of Jiomart; and a spinoff of the oil to chemical business into a subsidiary are among top priorities for Reliance Industries (RIL), as it aims to transform itself into a consumer-led technology and platform company. Reliance’s annual general meeting (AGM) is keenly watched every year, both for new business announcements as well as long-term plans. This year, chairman Mukesh Ambani hinted at deals for the retail business and oil to chemical (O2C) business that would be announced in due course, even as he closed the door on further investments in Jio Platforms. He also outlined a roadmap for the company to become net carbon-zero by 2035. “This can be achieved by making CO2 as a recyclable resource, rather than treating it as an emitted waste,” he said. Jio Platforms confirmed a Rs33,737crore investment by search giant Google for a 7.73 percent stake, at an equity value of Rs4.36 lakh crore. The deal, along with partnerships with Facebook, Mubadala, KKR, Vista Equity Partners, Silver Lake among others, brings in Rs152,056 crore in Jio Platforms.