Categories: Business

Qualcomm Ventures to invest upto ₹ 730 crore in Jio Platforms

Mumbai: Reliance Industries Limited (“Reliance Industries”) and Jio Platforms Limited (“Jio Platforms”), announced today that Qualcomm Ventures, the investment arm of Qualcomm Incorporated, an industry leader in wireless technologies, has committed to invest upto ₹ 730 crore in Jio Platforms at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore. Qualcomm Ventures’ investment will translate into 0.15% 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.

Jio Platforms, a majority-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. Jio’s vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive growth.

Qualcomm is the 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 140,000 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.

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.”

Steve Mollenkopf, CEO of Qualcomm Incorporated, said, “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. 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.”

The transaction is subject to customary conditions precedent.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels. Trilegal acted as legal counsel for Qualcomm Ventures.

comments

OdAdmin

Recent Posts

Monsson Session 2020 of Parliament Concludes

New Delhi: The Union Minister for Parliamentary Affairs Shri Prahlad Joshi in a statement on…

24 mins ago

India reports steady trend of higher New Recoveries than New Cases for the 6th successive day

New Delhi: With its focussed strategies and effective people-centric measures, India is reporting exponential increase…

25 mins ago

Additional Borrowing permission granted for Rs. 9,913 crore to Five States on meeting reform targets

New Delhi: The Department of Expenditure, Ministry of Finance, has granted permission to raise additional…

28 mins ago

Union Minister Narendra Singh Tomar launches “Centralized Farm Machinery Performance Testing Portal” in the Public Domain

New Delhi: Union Minister for Agriculture and Farmers Welfare Shri Narendra Singh Tomar today launched…

29 mins ago

More than 15 Lakh loan applications received under PM SVANidhi scheme

New Delhi: More than 15 lakh loan applications have been received so far under the…

1 hour ago

Mazagon Dock IPO Price Band set at Rs 135-145 per Share; Issue to Open on September 29, 2020

Chennai: Mazagon Dock Shipbuilders Limited, a wholly owned GoI company conferred with the Mini Ratna…

1 hour ago