Jio Wins Qualcomm Backing in Boost to 5G Plan, Will Receive Rs. 730 Crores Investment

With this new investment, Reliance has sold a 25.2 percent stake in Jio Platforms to investors.

By Reuters | Updated: 13 July 2020 09:53 IST

Jio Wins Qualcomm Backing in Boost to 5G Plan, Will Receive Rs. 730 Crores Investment

Qualcomm will invest Rs. 730 crores in Jio Platforms

Highlights

Qualcomm's move comes at a time India is preparing to auction 5G airwaves
Reliance has sold 25.2% stake in Jio Platforms in a funding spree
Since late April, Reliance has raised $15.69 billion

Reliance Industries said on Sunday Qualcomm's investment arm will buy a 0.15 percent stake in its digital unit Jio Platforms for Rs. 730 crores ($97.1 million). The partnership will help Jio Platforms, the unit that houses Reliance's telecoms venture Jio Infocomm, to "roll out advanced 5G infrastructure and services for Indian customers", Reliance said in a statement. Qualcomm's move comes at a time India is preparing to auction 5G airwaves to telecoms service providers.

With this new investment, Reliance has sold a 25.2 percent stake in Jio Platforms to investors in a funding spree that began late April, raising $15.69 billion (roughly Rs. 1.17 lakh crores).

Although Jio Platforms also comprises Reliance's music and movie apps, Jio Infocomm - the mobile carrier - is its centrepiece.

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Reliance chairman and billionaire tycoon Mukesh Ambani has always pitched Jio Infocomm as a tech company instead of a traditional telecoms firm.

That has helped Ambani win the backing of major tech firms such as Facebook, Intel, 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," Ambani said in the statement.

© Thomson Reuters 2020

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