How is Google helping India
Google plans to invest the equivalent of a good 4.2 billion Swiss francs (337.4 billion rupees) in the digital service provider Jio Platforms in India. This corresponds to a share of 7.7 percent.
The chairman of the parent company Reliance Industries Limited, Mukesh Ambani, announced the entry into Google at its shareholders' meeting on Wednesday.
As the second most populous country in the world, India is one of Google's largest growth markets. The US company assumes that this year around half of the people in the country will have access to the Internet. Google announced that the two companies were working together to develop an affordable smartphone for the Indian market.
Google CEO Sundar Pichai, who hails from the southern Indian city of Madurai, said: "The pace and extent of digital transformation in India is very inspiring to us and confirms our belief that if we create products for India first it will help us create better products for users everywhere. " Jio Platforms was very involved in the transformation.
Jio Platforms is at the center of Indian billionaire Ambani’s endeavors to transform his energy conglomerate into a technology giant that tends to resemble China’s Alibaba Group. This year Facebook had already announced that it would buy in at Jio Platforms for 5.7 billion dollars with just under 10 percent. Google, in turn, announced this week that it would invest ten billion dollars in India over the next five to seven years.
The two American technology giants are not the only ones interested in the Indian market: Also this year, Amazon boss Jeff Bezos announced that he would invest another billion dollars in India to support small and medium-sized companies with digitization.
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