Reliance Industries Ltd (RIL) Chairman & Managing Director, Mukesh Ambani, announced during the company’s 43rd annual general meeting (AGM) that Google has decided to invest Rs 33,737 crore for a 7.7 percent stake in Jio platforms. The deal will however be completed after all regulations are met.

Reliance’s Jio already has the support of technology partners like Facebook, Silverlake, KKR, TPG, Intel and Qualcomm.

With Google as a partner, Reliance will work on launching and developing a new 5G supported smartphone, which will be affordable at entry-level. Ambani added that his company will begin a “transformative journey” with Google to make India “2G-mukt” – free of 2G internet.

“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,” Ambani said at the event.

Google CEO Sundar Pichai joined in saying: “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 Rs 33,737 crore into Jio.”