Illustration: Alex Castro / The Verge
Google is investing $4.5 billion for a 7.73 percent stake in Jio Platforms, an Indian internet giant that offers broadband, mobile services, and online commerce platforms, the company announced today. The investment, which is pending regulatory review, is part of Google’s commitment to invest around $10 billion in India over the next five to seven years. It follows a similar move from Facebook to invest $5.7 billion for a 9.9 percent stake in the company earlier this year. Jio Platforms is the tech subsidiary of Reliance Industries.
As part of today’s announcement, Google says that it is working with Jio on an “entry-level affordable smartphone.” Reliance Industries chairman Mukesh Ambani said this work will involve creating a customized…