Mukesh Ambani’s Reliance Industries Ltd has secured another Rs 1,894.50 crore cheque for its digital telecommunications arm Jio Platforms ltd.
Mukesh Ambani’s Reliance Industries Ltd has secured another Rs 1,894.50 crore cheque for its digital telecommunications arm Jio Platforms ltd. This time the investment comes from Intel Capital, the finance and global investment arm of the US-based technology and hardware company, Intel. Intel Capital’s investment will translate into a 0.39% equity stake in Jio Platforms on a fully diluted basis. With this the total investment that Reliance Industries has managed to attract since April this year has now gone up to Rs 1.17 lakh crore. Reliance Industries, with the help of a spew of investments, had last month informed that it has now become a net-debt free company.
Intel Capital has invested the amount in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Intel Capital invests globally in innovative companies with a focus on disruptive technology areas like cloud computing, artificial intelligence and 5G – opportunities where Jio is also innovating and investing for growth., Reliance Industries said in a press release. With the investment from Intel Capital, the oil-to-telecom conglomerate will have an investor with the technological prowess to help the company to cater to India’s growing digital demand.
“Intel is a true industry leader, working towards creating world-changing technology and innovations. Intel Capital has an outstanding record of being a valuable partner for leading technology companies globally,” Mukesh Ambani said in a statement. He added that Reliance Industries is excited to work together with Intel to advance India’s capabilities in cutting-edge technologies that will empower all sectors of our economy and improve the quality of life of 1.3 billion Indians.
Intel Capital said that it believes digital access and data can transform business and society for the better. “Jio Platforms’ focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India aligns with Intel’s purpose of delivering breakthrough technology that enriches lives,” said Wendell Brooks, Intel Capital President. Intel Capita added that through this investment, they are excited to help fuel digital transformation in India, where Intel maintains an important presence.