QCOM QUALCOMM Inc

   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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