Sunday, June 23

Qualcomm acquires 0.15% stake in Jio for $97 million

Mumbai, 13th July 2020: Billionaire Mukesh Ambani’s Reliance Industries said it has secured $97 million (Rs 730 crore) from wireless technology leader Qualcomm makes total funding since April that has crossed $15.7 billion (Rs 1.18 lakh crore).

“Qualcomm Ventures’ investment will translate into 0.15 percent equity stake in Jio Platforms on a fully diluted basis,” the company said in a statement.

With this round, Reliance Jio sold its 25.24 percent stake to companies like Facebook, Silver Lake, General Atlantic, Intel, etc.

The company said the investment in Jio will deepen the ties with Qualcomm that will help Jio to rollout of advanced 5G infrastructure and services in India.

Qualcomm is the world’s leading wireless technology innovator and the driving force behind the development, launch and expansion of 5G.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “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 toeveryone in India”.

“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,” he said.

Steve Mollenkopf, CEO of Qualcomm Incorporated, said, “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,” he said.