Another Investment in JIO?
With several companies investing in Reliance JIO from past month, news is coming of US Semiconductor Giant INTEL to invest Rs 1,894.5 crore in JIO.
This will be the 2nd biggest investment in Reliance JIO after Facebook. Intel Corp will get 0.39 percent stake in RIL.
This deal will be 12th such investment in 11 weeks. After ths deal Reliance JIo Platforms sold stake will be 25.09 percent. Reliance JIO has now raised a combination of Rs 117,588.45 crores from big companies all around the wolrd including world’s leading tech investor Facebook.
The oil-to-telecom conglomerate has since sold stakes in Jio to global investors like General Atlantic, KKR, Saudi sovereign wealth fund, Abu Dhabi state fund and Saudi Arabia’s PIF, one among the world’s largest sovereign wealth funds.
Mukesh Ambani, Chairman and director of Reliance Industries, said, “We are extremely delighted to deepen our ties with technology leaders that embody our vision of remodeling India into a number one Digital Society within the world. Intel may be a true industry leader, working towards creating world-changing technology and innovations. Intel Capital has an impressive record of being a valuable partner for leading technology companies globally. We are therefore excited to figure along side Intel to advance India’s capabilities in cutting-edge technologies which will empower all sectors of our economy and improve the standard of lifetime of 1.3 billion Indians.”
Wendell Brooks, Intel Capital President, said, “Jio Platforms’ specialise in applying its impressive engineering capabilities to bring the facility of low-cost digital services to India aligns with Intel’s purpose of delivering breakthrough technology that enriches lives. We believe digital access and data can transform business and society for the higher . Through this investment, we are excited to assist fuel digital transformation in India, where Intel maintains a crucial presence.”
PIF’s investment on June 18 marked the top of Jio Platforms’ current phase of induction of monetary partners, RIL then said.Intel’s investment through its investment arm Intel Capital comes at an equity valuation of Rs 4.91 lakh crore and enterprise valuation of Rs 5.16 lakh crore.