Qualcomm Inc has decided to purchase a 0.15% stake in India’s Reliance Industries’ digital unit Jio Platforms for $97.1 million (7.3 billion rupees).
The development will help Jio Infocomm, Reliance’s telecoms venture, to “roll out advanced 5G infrastructure and services for Indian customers”, said Reliance in a statement.
The development comes at a time when New Delhi is preparing to auction 5G airwaves to telecoms service providers.
Following this new investment, Reliance has sold a 25.2% stake in Jio Platforms to investors in a funding spree that began late April, through which it has raised $15.69 billion.
While Jio Platforms comprises of Reliance’s music and movie apps, Jio Infocomm is its centerpiece mobile carrier business.
Mukesh Ambani, Reliance’s chairman has pitched Jio Infocomm as a tech company rather than a traditional telecoms firm. This has helped him get the backing of major tech firms, including Intel, Facebook Inc, and now Qualcomm.
“Qualcomm offers deep technology know-how and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises,” said Ambani in a statement.