Qualcomm Inc purchases stake in India’s Reliance Industries’ digital business Jio Platforms for $97.1 million

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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s