Mumbai: Qualcomm Ventues, the investment arm of Qualcomm Incorporated, a global leader in wireless technology on Sunday announced that it’ll invest Rs. 730 Crore to acquire 0.15% stake of Jio Platforms owned by Mukesh Ambani’s Reliance Industries (RIL).
This is the 13th investment in Jio Platforms in the last 12 weeks and RIL has raised about Rs.1.18 lakh Crore from these foreign investments. This is also seen as the largest continuous fundraised by any company anywhere in the world.
The association of Jio with Qualcomm, a global leader in 5G technology is likely to smoothen 5G rollout by jio in the country.
The 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, said RIL in a press release.
“Today, I am delighted to welcome Qualcomm Ventures as an investor in Jio Platforms. Qualcomm has been a valued partner for several years and we have a shared vision of connecting everything by building a robust and secure wireless and digital network and extending the benefits of digital connectivity to everyone in India. As a world leader in wireless technologies, 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” Mukesh Ambani, Chairman and Managing Director of Reliance Industries, 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. With unmatched speeds and emerging use cases, 5G is expected to transform every industry in the coming years. Jio Platforms has led the digital revolution in India through its extensive digital and technological capabilities. As an enabler and investor with a longstanding presence in India, we look forward to playing a role in Jio’s vision to further revolutionize India’s digital economy” Steve Mollenkopf, CEO of Qualcomm Incorporated, said.