Intel Capital has agreed to acquire a stake of 0.39% in Jio Platforms, the digital services platform of Indian conglomerate Reliance Industries, for INR18.94 billion ($250 million).

The transaction represents an equity value of INR4.91 lakh crore and an enterprise value of INR5.16 lakh crore for Jio Platforms.

The investment from Intel Capital will be subject to receipt of regulatory and other customary approvals.

For Reliance Industries, the financial advisor for the deal is Morgan Stanley, while AZB & Partners and Davis Polk & Wardwell are its legal counsels.

Wendell Brooks – Intel Capital President said: “Jio Platforms’ focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India aligns with Intel’s purpose of delivering breakthrough technology that enriches lives. We believe digital access and data can transform business and society for the better.

“Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence.

Intel Capital has now become the 11th investor in Jio Platforms, which has now raised a total of INR 1,175.88 billion ($15.73 billion). The other investors include the likes of Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, and L Catterton.

Last month, the Indian digital services platform bagged $850 million investment in two separate deals with global alternative asset firm TPG and L Catterton, a consumer-focused private equity firm.

Mukesh Ambani – Chairman and Managing Director of Reliance Industries said: “We are extremely delighted to deepen our ties with technology leaders that embody our vision of transforming India into a leading Digital Society in the world. Intel is a true industry leader, working towards creating world-changing technology and innovations.

“Intel Capital has an outstanding record of being a valuable partner for leading technology companies globally. We are therefore excited to work together with Intel to advance India’s capabilities in cutting-edge technologies that will empower all sectors of our economy and improve the quality of life of 1.3 billion Indians.”

  India, Intel Capital, Jio Platforms, Mukesh Ambani, Reliance Industries, Wendell Brooks