A day after media reports suggested that Google will be acquiring a stake in Reliance Industries, Mukesh Ambani, chairman and MD, Reliance Industries, confirmed the news during an annual general meeting.
Google will be investing US$4.5 billion to get a 7.7% stake in Jio Platforms. The transaction is subject to regulatory and other customary approvals.
Earlier this week Google's CEO Sundar Pichai had announced that the company is looking to invest up to $10 billion in India in the next five to seven years.
Reliance has now raised $20.3 billion in Jio Platforms in the last few months.
Facebook was the first company to get stake for $5.7 billion.
