Info-tech

Qualcomm to invest ₹730 crore in Jio Platforms

Our Bureau Mumbai | Updated on July 13, 2020 Published on July 12, 2020

Qualcomm is the thirteenth investor in Jio Platforms which has raised a total of over ₹1.18 lakh crore

Qualcomm Ventures, the investment arm of chipmaker Qualcomm Incorporated, has committed to invest up to ₹730 crore in Jio Platforms for 0.15 per cent stake. Qualcomm is the thirteenth investor in Jio Platforms which has raised a total of over ₹1.18 lakh crore.

The latest 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.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “As a world leader in wireless technologies, Qualcomm offers deep technology knowhow and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.”

Also read: Jio Platforms receives investments from four investors

Steve Mollenkopf, CEO of Qualcomm Incorporated, said, “With our shared goal of extending the benefits of digital connectivity to everyone and everything, we anticipate Jio Platforms will deliver a new set of services and experiences to Indian consumers.”

 

The transaction is subject to customary conditions precedent. Morgan Stanley was the financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell were legal counsels. Trilegal was legal counsel for Qualcomm Ventures.

ALSO READ: Jio Platforms receives ₹43,574 crore from Jaadhu Holdings for 9.99% stake

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Published on July 12, 2020
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