US-based technology conglomerate
Google and Reliance conglomerate will jointly develop an entry-level and affordable smartphone
aimed at providing fast internet access to the country’s 1.3 billion people.

During the 43rd, and
first-ever virtual annual general meeting of the Reliance Industries on
Wednesday, the two firms will develop “an Android-based smartphone
operating system”, Reliance Industries Chairman Mukesh Ambani, told
shareholders.

“India is at the
doorstep of (the) 5G era.” Google had agreed to buy a $4.5-billion stake
in Reliance’s digital unit Jio Platforms.

The smartphone with optimizations to the Android
operating system and the Play Store will target 350 million people, who use 2G
internet.

“It’s been amazing to see the changes in
technology and network plans that have enabled more than half a billion Indians
to get online. At the same time, the majority of people in India still don’t have
access to the internet, and fewer still own a smartphone—so there’s much more
work ahead,” Google said in a post.

Reliance has signed a binding partnership and an
investment agreement with Google under which the technology giant will invest
Rs 33,737 crores for a 7.7 per cent stake in Jio Platforms.

This new investment takes the cumulative fund raising
by Reliance to Rs 2,12,809 crore in less than three months. This includes
investments by Facebook and other investors in Jio Platforms and Rs 53,124
crore Rights Issue, and investment by BP in fuel retailing venture.

“It is in excess of our net debt of Rs 1,61,035
crore at the end of FY19-20,” he said.

The Reliance Industries Chairman informed that his
company is now zero debt company.

“Reliance is now truly a zero net debt company,
well ahead of my goal of March 2021. It has an extremely strong Balance Sheet
that will support growth plans for its three Hyper-Growth Engines — Jio, Retail
and O2C.”

Talking about the partnership, Google CEO Sundar
Pichai said, “Everyone should have access to the internet. We are proud to
partner with Reliance Jio to increase access for the hundreds of millions in
India who don’t own a smartphone with our 1st investment of $4.5B from the
Google For India Digitization Fund.”