Lawstreet Journal

Qualcomm Ventures invests in Jio Platforms, Buys 0.15 percent stake for Rs 730 Crores

Lawstreet Journal 14 Jul 2020 5:37pm

Image courtesy: Lawstreet Journal Business Qualcomm Ventures invests in Jio Platforms, Buys 0.15 percent stake for Rs 730 Crores

On Sunday, 12th July 2020, Mukesh Dhirubhai Ambani announced that the US-based Qualcomm Incorporated Investment’s arm, Qualcomm Ventures will be buying a 0.15 percent stakes in Jio Platforms for Rs 730 Crores.

Jio Platforms is the digital services arm of Reliance Industries which houses telecom company Reliance JioInfocomm. Reliance Industries said that the deal gives Jio Platforms an equity value of Rs 4.91 Lakh Crore and an enterprise value of Rs 5.16 Lakh Crore.

Qualcomm joins a long list of investors on Jio Platforms including internet major- Facebook.

Here are ten facts to know about the latest investment in Jio Platforms by Qualcomm:

1. Reliance has stated that Qualcomm will support Jio “on its journey to roll out advanced 5G infrastructure and services for Indian customers.”

2. Qualcomm comes into the picture when Government is preparing to auction 5G airwaves to telecom service providers.

3. Qualcomm is the thirteenth investment in Jio Platforms since 22nd April 2020. So far it has raised Rs 1, 18, 318.45 Crore within 12 weeks.

4. Other investors in Jio Platforms include US-based Facebook, General Atlantic, KKR and Intel Corporation, Abu Dhabi-based Mubadala, and Abu Dhabi Investment Authority, and Saudi Arabia’s Public Investment Fund. 

5. Mukesh Ambani's statement on the Investment reads as follows: “Qualcomm has been a valued partner for several years and we have a shared vision of connecting everything by building a robust and secure wireless and digital network and extending the benefits of digital connectivity to everyone in India.”

6. The association with Qualcomm will bring technology know-how and insights… Continue Reading...

Tagged: Reliance Industries   Reliance Industries Limited  
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