Qualcomm Likely To Invest In Jio Platforms, Making It The 13th Deal In 12 Weeks
This would be moving the total foreign investment in RIL’s telecom and digital business to INR. 1,18, 318.45 Cr., amid a 25.24% holding
Reports state that Qualcomm Ventures, which is the investment arm of Qualcomm Inc., would be investing INR. 730 crore in Jio Platforms for a 0.15% stake in the latter. This would make Qualcomm the twelfth investor in Reliance Industries’ (RIL) telecom and digital business in a period of less than 2 months.
It’s further note that Qualcomm Ventures’ stake buy would be taking the total investment in Jio Platforms to INR. 1,18, 318.45 crore for a combined holding of 25.24% holding. Subject to regulatory and other approvals, this investment would peg Jio Platforms’ equity value at INR. 4.91 lakh crore and enterprise value at INR. 5.16 lakh crore, as was said by the companies in a joint statement on Sunday.
Chairman of Reliance Industries, Mukesh Ambani said that as a world leader in wireless technology, Qualcomm offers deep technology knowhow and insights that would be helping in delivering 5G vision and also the digital transformation of India for both people and enterprises.
Steve Mollenkopf, CEO of Qualcomm said that with their shared goal of extending and benefits of digital connectivity to everyone, and everything, they anticipate that Jio Platforms would be delivering a new set of services and experiences to the Indian customers.
The financial adviser in the deal was Morgan Stanley and Qualcomm’s investments come at a time when RIL is in itself pivoting as a consumer technology company, and Jio is also betting big on 5G to keep up with the pace and also lead the same.
Also, RIL has stressed on the fact that Reliance Jio is more of a technology company than just a telecom firm, which is being underlined by the fact that its 12 investors that picked up stake mainly are concerned about the global technology space.
Amid all the investments, Facebook’s investment was possibly the largest FDI investment in the tech landscape of India. Here’s a timeline of all prior investments in Jio Platforms that Express Computer covered earlier.
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