Intel Capital to Invest in Reliance's Jio Platforms
July 02 2020 - 11:34PM
Dow Jones News
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)
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