Qualcomm invests Rs 730 crore in Reliance Jio in exchange for a 0.15 percent stake. Recently, Facebook led the investment in Reliance Jio by buying a 9.99% stake for Rs 43,574 crores on April 22. Qualcomm is now a third technology investor in Jio Platforms. With this investment the total stake that Reliance sold in Jio Platforms gone up to 25.24 percent.
Qualcomm is the third technology investor in Jio after Facebook Inc and Intel. The deal with Qualcomm is the 13 investment in Jio in less than 12 weeks. With the investment, Jio has now raised a total whopping of Rs 118,318.45 crore from some of the world’s leading tech investors.
“Today, I’m delighted to welcome Qualcomm Ventures as an investor in Jio Platforms. Qualcomm has been a valued partner for several years and that we have a shared vision of connecting everything by building the strong and secure wireless and digital networks and extending the advantages of digital connectivity to everyone in India,” said Mukesh Ambani, Chairman, and MD of Reliance Industries.
“As a world leader in wireless technologies, Qualcomm offers deep technology know-how and insights which will help us deliver on our 5G vision and therefore the digital transformation of India for both people and enterprises,” he added.
Why Qualcomm invests in Jio?
Qualcomm is especially focussed on the event, launch, and expansion of technologies like fifth-generation (5G) and offers technologies and products that are utilized in mobile devices and other wireless devices, including network equipment, broadband gateway equipment, consumer electronic products, and other connected devices. Qualcomm’s technologies and products also are utilized in segments and applications except for mobile like the Internet of Things (IoT), automotive, computing, and networking, among other industries.
Steve Mollenkopf, CEO of Qualcomm Incorporated said “With our shared goal of extending the advantages of digital connectivity to everyone and everything, we anticipate Jio Platforms will deliver a brand new set of services and experiences to Indian consumers. With unmatched speeds and emerging use cases, 5G is predicted to rework every industry within 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 glance forward to playing a task in Jio’s vision to further revolutionize India’s digital economy,” he added. What’re your views about Qualcomm invests a Total Rs 730 crore in Reliance Jio? let me know in the comment section.
Source: Money Control