Jio Platforms: Qualcomm To Invest Rs 730 Crore In Jio To Help Deliver ¡®5G Vision¡¯

Reliance Jio and its investment streak seems to be never-ending. And now it has roped in another big player from the US in the field of tech. This time, it¡¯s the chipmaker Qualcomm.

Reuters

Reliance announced late on Sunday that Qualcomm¡¯s investment arm will buy a 0.15 percent stake into Jio Platforms for Rs 730 crores or around $97 million. This will be the 12th investor to dip its toes in the sea of Jio Platforms that has, as of now raised around Rs 1,18,318.45 crores by selling 25.24 percent stake as of now.

Jio Platforms investment spree

This investment now puts Jio Platforms at an equity value of Rs 4.91 lakh crore, along with an enterprise value of a whopping Rs 5.16 lakh crores.

This investment will help Jio strengthen its bond with Qualcomm and help with a better rollout for the faster and more efficient 5G infrastructure and services.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said in a statement, ¡°As a world leader in wireless technologies, Qualcomm offers deep technology know-how and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.

Even though Jio Platforms is being touted as the next big thing, the mobile carrier business has been instrumental in leading to this stage by offering state of the art connectivity at a severely competitive and reasonable price point, creating shockwaves in the entire industry.

Jio Platforms and Qualcomm 5G deal

This new deal could very well help Jio become one of the first telecom companies to provide 5G networks in India.

Reuters

Steve Mollenkopf, chief executive of Qualcomm said in a statement, ¡°With unmatched speeds and emerging use cases, 5G is expected to transform every industry in the coming years. Jio Platforms has led the digital revolution in India through its extensive digital and technological capabilities. As an enabler and investor with a longstanding presence in India, we look forward to playing a role in Jio¡¯s vision to further revolutionize India¡¯s digital economy.¡±

Before Qualcomm, companies including Facebook, TPG, KKR, L Catterton, Intel Capital, General Atlantic, Vista Equity Partners, two sovereign wealth funds from Abu Dhabi -- Abu Dhabi Investment Authority and Mubadala ¨C and one from Saudi Arabia ¨C Public Investment Fund have made considerable investments in Jio Platforms.