Reliance Industries’ wholly-owned subsidiary -- Jio Platforms (Jio) is all set to acquire about 17 per cent stake in SoftBank-backed Inmobi's Glance platform for $200 million (about Rs 1,500 crore). The proposed deal values the company at $1.8 billion. The company will be integrated into the revolutionary Pragati OS, which has been co-developed by Jio Platforms and Google, to bring live content on lock screen for millions of Jio users.
Glance, which provides mobile lock screen content, including videos and advertisements, will use the funds to double down on growth in Asia as well as launch in key global markets, including the US, Brazil, Mexico and Russia.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
