INTC Intel Corporation

   By P.R. Venkat 
 

Intel Capital plans to invest 18.95 billion rupees ($253.5 million) in Jio Platforms, becoming the latest foreign firm to seek a piece of the Indian telecommunications giant.

The investment by Intel Capital, which is a division of Intel Corp., will give it an equity stake of 0.39%, putting Jio's equity value at INR4.91 trillion, Jio's owner, Reliance Industries Ltd., said Friday.

With this latest investment, Jio would have so far raised INR117.59 billion, the company said.

Facebook Inc., Silver Lake, Vista Equity Partners, KKR & Co., General Atlantic LLC., the Abu Dhabi Investment Authority and sovereign investor Mubadala Investment Co. are among Jio's investors.

Reliance has spent more than $30 billion building upstart mobile operator Reliance Jio Infocomm Ltd., which is part of Jio Platforms.

Jio has attracted more than 388 million subscribers with inexpensive mobile-data plans and is now moving into e-commerce, as legions of people in the country of 1.3 billion begin transacting online for the first time.

Controlled by India's richest man, Mukesh Ambani, Reliance has investments spanning across media, retail and natural resources.

The company is also India's largest private sector firm with consolidated turnover of $87.1 billion, earning a net profit of $5.3 billion for the year ended March 31.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

July 02, 2020 23:19 ET (03:19 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.