Google to invest ₹ 33,737 Crore in Jio Platforms for A 7.73% Stake

JIO & GOOGLE TO JOINTLY DEVELOP ENTRY LEVEL, AFFORDABLE SMARTPHONE
TO ACCELERATE THE PATH TO INDIA’S DIGITIZATION

JIO PLATFORMS RECEIVES OVER ₹ 1.5 LAKH CRORE INVESTMENT IN THREE MONTHS

Reliance Industries Limited (“Reliance Industries”), Jio Platforms Limited
(“Jio Platforms”) and Google LLC (“Google”) today announced the signing of binding agreements
for an investment of ₹ 33,737 crore by Google into Jio Platforms. This investment by Google values
Jio Platforms at an equity value of ₹ 4.36 lakh crore. Google’s investment will translate into a 7.73%
equity stake in Jio Platforms on a fully diluted basis. With this, the total investment from financial
and strategic investors into Jio Platforms stands at ₹ 1,52,056 crore.
The investment will build on Jio’s and Google’s existing efforts to expand the benefits of digitization
across the length and breadth of India, beyond the current 500+ million Internet users in the country.
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.
Together we are excited to rethink, from the ground up, how millions of users in India can become
owners of smartphones. This effort will unlock new opportunities, further power the vibrant
ecosystem of applications and push innovation to drive growth for the new Indian economy.
Mr. 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. We welcome Google onboard and are excited about our partnership for what it can
deliver to Indians, from universalising Internet usage to deepening the new digital economy and
providing a prime mover to India’s economic growth. Together, we hope to play a strong facilitative
role in the transformative journey of building a new, Digital India.”
Mr. 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 hugely inspiring for us and reinforces our view that building products
for India first helps us build better products for users everywhere. Google is proud to invest ₹ 33,737
crore into Jio. I am excited that our joint collaboration will focus on increasing access for hundreds
of millions of Indians who don’t currently own a smartphone while improving the mobile experience
for all.”
Jio Platforms, a majority-owned subsidiary of Reliance Industries, is a next-generation technology
platform focused on providing high-quality and affordable digital services across India, with more
than 388 million subscribers. Jio Platforms has made significant investments across its digital
ecosystem, powered by leading technologies spanning broadband connectivity, smart devices,
cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented
and mixed reality and blockchain. Jio’s vision is to enable a Digital India for 1.3 billion people and
businesses across the country, including small merchants, micro-businesses and farmers so that all
of them can enjoy the fruits of inclusive growth. Reliance Jio Infocomm Limited, which provides
connectivity services to over 388 million subscribers, will continue to be a wholly-owned subsidiary
of Jio Platforms.

The transaction is subject to regulatory and other applicable customary approvals.
Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis
Polk & Wardwell acted as legal counsels.
The law firms Freshfields Bruckhaus Deringer US LLP and J. Sagar Associates advised Google on
the transaction.