NEW DELHI (AP) — Google plans to invest $4.5 billion in India’s Jio Platforms Ltd, the company announced Wednesday, taking a 7.7% stake in the digital services company owned by multi-billion dollar Reliance Industries.
Google CEO Sundar Pichai said in a tweet that the partnership with Jio will help connect hundreds of millions of Indians who do not own a smartphone.
Jio Platforms Limited owns India’s largest mobile network operator Jio and other digital businesses controlled by billionaire Mukesh Ambani's Reliance Industries, the country's most highly-valued company.
Among other projects, Jio and Google will build a low-cost smartphone.
Google’s announcement came just days after it announced it would invest $10 billion to help accelerate India’s transition to a digital economy in the next five to seven years.
In April, Facebook invested $5.7 billion in Reliance Jio Platforms for a 9.99% stake in it. Jio has registered more than 400 million subscribers in under four years.
Pichai said Monday that the project will focus on building products that are relevant to India’s needs and empower businesses for their so-called digital transformation.
Before you consider Alphabet, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Alphabet wasn't on the list.
While Alphabet currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat's analysts have just released their top five short plays for May 2024. Learn which stocks have the most short interest and how to trade them. Click the link below to see which companies made the list.
Get This Free Report
