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Google has agreed to invest Rs 33,737 crore for a 7.7% stake in Reliance Industries’ technology venture and to cooperate on technology initiatives, including development of affordable smartphones, billionaire Mukesh Ambani said on Wednesday.

California-based Alphabet Inc joins Facebook Inc, which opened the investment cycle in Jio Platforms by picking 9.99% stake for Rs 43,573.62 crore, as well as chipmaker Intel Corp and Qualcomm Inc.

We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest Rs 33,737 crores for a 7.7% stake in Jio Platforms,” RIL Chairman Mukesh Ambani said at the company’s annual general meeting.

With Google coming on board, Reliance has completed its target of capital raising for Jio Platforms, he said.

With this deal, Reliance has sold 32.84% stake in Jio Platforms Ltd — the unit that houses India’s youngest but largest telecom firm Jio Infocomm and apps. In total, Jio has raised Rs 1,52,055.45 crore. Proceeds from the stake sales in Jio Platforms, along with the Rs 53,124 crore raised in a rights issue in June and sale of a 49% stake in its fuel retail network to BP last summer for Rs 7,629 crore will help the company become net debt-free, Ambani said. — PTI