Qualcomm Ventures to invest $97m in Reliance’s Jio Platforms
Qualcomm Ventures, the investment arm of US semiconductor company Qualcomm, has agreed to acquire a stake of 0.15% in Jio Platforms, the digital services platform of Indian conglomerate Reliance Industries, for INR 7.3 billion ($97 million).
The deal represents an equity value of INR4.91 lakh crore and an enterprise value of INR5.16 lakh crore for Jio Platforms.
The investment from Qualcomm Ventures will be subject to meeting of preceding customary conditions.
Reliance Industries said that the investment will deepen the ties between Jio Platforms and Qualcomm. Besides, the investment from the US semiconductor company is expected to support Jio Platforms on its journey to launch advanced 5G infrastructure and services in the Indian market.
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 to everyone in India. As a world leader in wireless technologies, Qualcomm offers deep technology knowhow and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.”
Qualcomm Ventures to invest $97m in Reliance’s Jio Platforms. Photo courtesy of Coolcaesar/Wikipedia.org.
For Reliance Industries, Morgan Stanley is the financial advisor, while AZB & Partners and Davis Polk & Wardwell served as the legal counsels. On the other hand, for Qualcomm Ventures, Trilegal is the legal counsel.
Steve Mollenkopf – CEO of Qualcomm said: “With our shared goal of extending the benefits of digital connectivity to everyone and everything, we anticipate Jio Platforms will deliver a new set of services and experiences to Indian consumers. 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.”
Earlier this month, Intel Capital agreed to invest about $250 million in Jio Platforms for a stake of 0.39%.