Qualcomm Unit to Invest $97.1 Million in Reliance's Jio Platforms
July 12 2020 - 8:19PM
Dow Jones News
By P.R. Venkat
Qualcomm Ventures plans to invest 7.30 billion rupees ($97.1
million) in Jio Platforms, becoming the latest addition to the list
of companies seeking to invest in the Indian telecommunications
giant.
The Qualcomm Inc. unit's investment will give it an equity stake
of 0.15%, putting Jio's equity value at INR4.91 trillion, Jio owner
Reliance Industries Ltd. said late Sunday.
"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,"
Reliance 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.
Controlled by India's richest man, Mukesh Ambani, Reliance has
investments spanning the media, retail and natural-resources
sectors.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
July 12, 2020 20:04 ET (00:04 GMT)
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