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Qualcomm to invest Rs 730 cr in Jio Platforms

Sunday - July 12, 2020 9:17 pm , Category : BUSINESS
New Delhi, July 12 (IANS) The investment spree into Reliance Industries' Jio Platforms continues, with technology major Qualcomm coming in with Rs 730 crore to pick up 0.15 per cent stake.
Reliance Industries on Sunday announced that Qualcomm Ventures, the investment arm of Qualcomm Incorporated has committed to invest up to Rs 730 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
"Qualcomm Ventures' investment will translate into 0.15 per cent equity stake in Jio Platforms on a fully diluted basis. The investment will deepen the ties between Qualcomm and Jio Platforms, to support Jio Platforms on its journey to rollout advanced 5G infrastructure and services for Indian customers," the RIL statement said.
With the latest investment, total investments into Jio Platforms have crossed Rs 1.18 lakh crore so far.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said: "Today, I am delighted to welcome Qualcomm Ventures as an investor in Jio Platforms. 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," he said.
Steve Mollenkopf, CEO of Qualcomm Incorporated, said with both the companies' shared goal of extending the benefits of digital connectivity to everyone and everything, Jio Platforms is anticipated to 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," he said.
Qualcomm is world's leading wireless technology innovator and the driving force behind the development, launch and expansion of 5G. With more than $62 billion in cumulative research and development spend, 35 years of innovation and over 1,40,000 patents and patent applications, Qualcomm is committed to fueling innovation and fostering Indian technology advancement.
Qualcomm Ventures is a global fund that invests in pioneering companies across the wireless ecosystem in areas like 5G, AI, IoT, automotive, networking and enterprise. In India, Qualcomm Ventures has invested in companies that address key domestic issues from dairy, transportation to defense, and build world class products for India and the world market.

--IANS rrb/sn/skp/