Investment arm of Intel Corporation to invest Rs 1,894.50 cr in Jio platforms
Friday, 3 July 2020 (16:26 IST)
Mumbai:Reliance Industries Limited and Jio Platforms Limited announced on Friday that Intel Capital will invest Rs 1,894.50 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of RS 5.16 lakh crore.
The fresh development comes two weeks after Reliance Industries Chairman and Managing Director Mukesh announced that the company has successfully managed to become zero net-debt free.
Intel Capital's investment will translate into a 0.39 per cent equity stake in Jio Platforms on a fully diluted basis. Intel Capital joins the list of marquee firms who have recently invested in Jio Platforms, taking the total investment amount to Rs 117,588.45 crore.
Mr Ambani said, ''We are extremely delighted to deepen our ties with technology leaders that embody our vision of transforming India into a leading Digital Society in the world. Intel is a true industry leader, working towards creating world-changing technology and innovations. Intel Capital has an outstanding record of being a valuable partner for leading technology companies globally. We are therefore excited to work together with Intel to advance India's capabilities in cutting-edge technologies that will empower all sectors of our economy and improve the quality of life of 1.3 billion Indians.''
Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.
Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.
Earlier, Jio Platforms also raised capital from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubidala, ADIA, TPG, L Catterton and PIF. (UNI)
