United States public multinational corporation Qualcomm has invested Rs 730 crore in Jio Platforms, Reliance Industries Limited said in a stock exchange filing on Sunday. This buys Qualcomm a 0.15% stake in the Mukesh Ambani-headed company, for which this is the 13th consecutive deal since March.
The announcement means Reliance Industries has now sold 25.24% of its stake in Jio, and raised Rs 1,18,318.45 crore in total. Qualcomm is the third strategic investor in Jio Platforms after Facebook Inc and American semiconductor company Intel, News18 reported.
“Qualcomm is the world’s leading wireless technology innovator and the driving force behind the development, launch and expansion of 5G,” Reliance Industries said in the corporate filing. Reliance Industries Chairperson Mukesh Ambani said he was “delighted” to welcome Qualcomm on board.
“Today, I am delighted to welcome Qualcomm Ventures as an investor in Jio Platforms,” Ambani said in a statement. “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.”
Investments in Jio since April
On June 18, Reliance Industries announced that Saudi Arabia-based wealth fund Public Investment Fund will invest Rs 11,367 crore in Jio Platforms to buy a 2.32% stake in Jio Platforms.
On June 8, Reliance Industries announced that the Abu Dhabi Investment Authority will buy 1.16% of its digital unit Jio Platforms for Rs 5,683.5 crore through a wholly-owned subsidiary. The investment came days after Abu Dhabi’s state fund Mubadala Investment Co announced it will invest Rs 9,093.60 crore in Jio Platforms, translating into an equity stake of 1.85% in the company.
On May 21, United States-based private equity firm KKR bought a 2.32% stake in Jio Platforms, amounting to Rs 11,367 crore. This came exactly a month after Facebook Inc bought a 9.99% stake in Jio Platforms for Rs 43,574 crore.
The announcements have come even as the world continues to face the coronavirus pandemic. Lockdowns in many parts of the world have severely impacted national economies and wrought hardships on many other small and large businesses.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!