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Business deals

Ambani's digital dream grows with $4.5bn Google stake in Jio

Asia's richest man shuns Chinese investors in favor of American giants

Reliance Industries Chairman Mukesh Ambani says the conglomerate is "blessed to have world-class partners like Facebook, Google and Microsoft."   © Reuters

TOKYO -- Indian conglomerate Reliance Industries' digital arm Jio Platforms has secured $4.5 billion from Google, adding to a list of new investors that includes the biggest names in U.S. technology: Facebook, Intel and Qualcomm.

Google has agreed to buy a 7.7% stake in Jio, Reliance's billionaire owner and chairman Mukesh Ambani said Wednesday at the annual general meeting. The two companies have formed a strategic partnership under which they will jointly develop affordable smartphones for 4G and 5G networks, Ambani added.

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