Google to Invest $4.5 Billion in India’s Reliance Jio

variety.com:

Patrick Frater Asia Bureau ChiefGlobal tech giant Google is to invest $4.5 billion in Jio Platforms, the broadband and streaming business built by India’s Reliance Industries.

The move follows similar investments into Reliance Jio by Facebook and an A-list clutch of international finance groups.The deal gives Google a 7.73% stake in Jio Platforms.

It implies an equity valuation of $65.5 billion for the less than five-year old business.Jio Platforms and Google have also agreed to jointly develop an entry level affordable smartphone with optimization to the Android operating system and the Google Play store. “Together we are excited to rethink, from the ground up, how millions of users in India can become owners of smartphones,” said Mukesh.