November 24, 2020

With 5G tech in thoughts, Jio Platforms ropes in Qualcomm as an investor

NEW DELHI: In one other funding for Jio Platforms, the corporate stated on Sunday, Qualcomm Ventures, the funding arm of chipmaker Qualcomm Integrated, will make investments Rs 730 crore for 0.15 per cent stake.

That is the twelfth investor to choose stake within the firm. With this, the corporate has raised Rs 1,18,318.45 crore by promoting 25.24 per cent holding.

The funding pegs Jio Platforms at an fairness worth of Rs 4.91 lakh crore and an enterprise worth of Rs 5.16 lakh crore.

The funding will deepen Jio’s ties with Qualcomm to assist its journey to rollout superior 5G infrastructure and providers, the corporate stated.

“As a world chief in wi-fi applied sciences, Qualcomm affords deep expertise knowhow and insights that can assist us ship on our 5G imaginative and prescient and the digital transformation of India for each folks and enterprises,” stated Mukesh Ambani, Chairman and Managing Director of Reliance Industries.

The transaction is topic to customary situations precedent. Morgan Stanley acted as monetary advisor to Reliance Industries and AZB & Companions and Davis Polk & Wardwell acted as authorized counsels. Trilegal acted as authorized counsel for Qualcomm Ventures.

Aside from Qualcomm, buyers in Jio Platforms embrace TPG, KKR, L Catterton, Intel Capital, Common Atlantic, Vista Fairness Companions, two sovereign wealth funds from Abu Dhabi — Abu Dhabi Funding Authority and Mubadala – and one from Saudi Arabia – Public Funding Fund.

Jio Platforms earlier this week stated it has acquired subscription quantities, totalling Rs 30,062.43 crore, for a 6.three per cent stake sale to L Catterton, PIF, Silver Lake, and Common Atlantic Singapore. That is beside Rs 43,574 crore from Jaadhu Holdings, a wholly-owned unit of Fb Inc., which was the primary investor within the firm.