Google announced on Monday that it will invest $4.5 billion in reliance industries' gonow platform in exchange for a 7.7% stake.

The deal values Gonow at about $58 billion.

The BBC quoted mukesh ambani, chairman of reliance industries, as saying that the platform will work with Google to develop mobile phones for 4G and 5G networks.

The two companies said the investment package includes the joint development of an entry-level, affordable smartphone to enable more indians to benefit from digital technology.

The Platform is owned by India's Reliance Industries and holds a number of assets in Reliance Industries' digital businesses, including telecommunications company Telecom Corp. Gonow became The largest wireless carrier in India three years after it was founded.

U.S. -based Sanford Bernstein predicted in a report last month that Gonow could capture 48 percent of India's mobile subscriber market by 2025.

In addition to operating a mobile communication network, Gonow also builds an App ecosystem that offers services such as online shopping, digital payments and video playback to smartphone users.

Gonow platform has recently received a number of foreign capital investments. According to CNN, Gonow has received about $20 billion in investment since April; Investors include Qualcomm, Intel, Kohlberg Kravis Roberts, Silver Lake Funds and the Uae's sovereign wealth Fund.

Separately, Facebook invested $5.7 billion for a 9.99 percent stake in Gonow.

The influx of capital has boosted Mr Ambani's personal fortune, and last month he joined the club of the world's ten richest people.

On the eve of Google's announcement, sundar pichai, CEO of Google, announced on Wednesday that the company would invest $10 billion in Indian technology through its "Google digital fund for India". The investment will take place over the next five to seven years, pacha said at the Google for India event.

It is unclear whether Google's investment in gonow is part of the $10 billion investment.