‘More work to do to connect every Indian’, Sundar Pichai at Reliance’s AGM 2020
Google is the latest investor in Reliance’s Jio Platforms. Sundar Pichai also delivered a small speech at Reliance’s AGM 2020. Read full text of his address here.
Reliance Industries Limited (RIL) Chairman and Managing Director Mukesh Ambani at the company's annual general meeting announced a big partnership with Google.
Google is going to invest ₹33,737 crore in Jio Platforms in exchange of a 7.7% stake. Google and Reliance Jio will co-develop a low-cost smartphone that will support 4G or even 5G. Google will provide a special India-focused operating system.
Ambani's announcement was followed by an address by Google and Alphabet CEO Sundar Pichai. In his address, Pichai reiterated the company's commitment to the Indian market. He also pointed out the recent $10 billion investment under the Google for India Digitization Fund. Here is what he said:
“Thanks, Mukesh, and to the entire team at Reliance Industries, for all the work you do to give millions of Indians the power to shape their destiny through technology. And thank you for the opportunity to share a few words about what our new partnership means to Google.
Getting technology into the hands of more people is a big part of Google's mission to organize the world's information and make it universally accessible and useful. Through this partnership with Jio Platforms we see the chance to have an even greater impact than either company could have alone.
This partnership is a key part of the next chapter of investment in India. Earlier this week we announced our Google for India Digitization Fund, an effort to invest 75,000 crore rupees or approximately $10 billion -- to accelerate India's digital economy over the next 5 to 7 years.
Our investment of $4.5 billion in Jio is the first -- and the biggest -- investment we will make through this fund. 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.
Growing up I remember how the arrival of each new technology improved the lives of my family. Today, people in India no longer have to wait for technology to come to you. Awhole new generation of technologies are happening here, first.
At the same time, smartphones and affordable data have made it possible for a billion Indians to come online. Reliance, and Jio in particular, deserves a good deal of credit for this progress.
But there is more work to do to connect every Indian to the opportunities that technology creates. This goal is especially important at a time of enormous challenge for India and the world. I've never been more hopeful about India's future -- it's a future we can help shape by partnering together. Thank you for having me. I wish you strength and good health in the months to come.”