Google has agreed to make an investment of Rs 33,737 crore in Jio Platforms for picking up 7.73 percent stake.

This investment by Google values Jio Platforms at an equity value of Rs 4.36 lakh crore. Jio Platforms has received Rs 1,52,056 crore investment from financial and strategic investors in the recent months.

Jio Platforms and Google have also entered into a commercial agreement to jointly develop an entry level affordable smartphone with optimizations to the Android operating system and the Play Store.

Mukesh Ambani, chairman and managing director of Reliance Industries, said: “Google has empowered millions of Indians to access helpful information and, like Jio, is a force for change and innovation.”

Sundar Pichai, CEO of Google and Alphabet, said: “Reliance Industries, and Jio Platforms in particular, deserve a good deal of credit for India’s digital transformation. The pace and scale of digital transformation in India is inspiring for us and reinforces our view that building products for India first helps us build better products for users everywhere.”