Qualcomm Ventures which is an investment arm of Qualcomm will invest Rs 730 crore in Reliance Jio Platforms Ltd to acquire a 0.15% stake. The deal considers Jio Platforms’ equity value of Rs 4.91 trillion and an enterprise value of 5.16 trillion.
“Qualcomm has been a valued partner for several years and we have a shared vision of connecting everything by building robust and secure wireless and digital network in India. 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," said Mukesh Ambani, chairman, and managing director, RIL.
The recent three months have been great for Reliance Jio as 12 companies have bought stakes in the last three months. Reliance Industries sold a 25.24% stake in Jio Platforms to companies like Facebook raising ₹118,318.45 crores in total.
“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," said Steve Mollenkopf, CEO of Qualcomm Inc.
Jio has been responsible for bringing the data revolution in India with its ultra-cheap 4G. Now it is looking to venture into 5G with its own equipments. Jio also provides subscription services like music, OTT video contents, as well as Jio, Branded feature phones, and smartphones.
Qualcomm also manufactures network equipments, modems, IoT, broadband, and wireless equipments apart from its famous SoC business. With a shared goal of bringing 5G to masses, it will be interesting to see when Jio starts 5G in India.
High court lifts hold on Future-Reliance Retail Deal
Reliance Jio launches its IoT service in conjunction with OEM
Indian Startup CRED invests in Carl Pei's upcoming audio startup
Salesforce Invests in Asian Cloud Startup Darwinbox
Vision Fund Invests in Chinese Fitness App Keep
© 2021 CIO Bulletin. All rights reserved.