A regulatory filing by RIL said that this investment by Google values Jio Platforms at an equity value of Rs 4.36 lakh crore. With this, the total investment from financial and strategic investors into Jio Platforms stands at Rs 1,52,056 crore.

Sundar Pichai, CEO of Google and Alphabet, said: “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. 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.”

The transaction is subject to regulatory and other applicable customary approvals. A Google India blog said that the proposed investment into Jio -- $4.5 billion - is the first investment from the $10 billion Google For India Digitization Fund announced earlier this week, which aims to accelerate India’s digital economy over the next five to seven years through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments.