RIL is managed by Mukesh Ambani. (File picture)
NEW DELHI: Reliance Industries (RIL) introduced on Friday that Intel Capital will invest Rs 1,894.5 crore in Jio Platforms at an fairness worth of Rs 4.91 lakh crore and an enterprise worth of Rs 5.16 lakh crore. Jio Platforms is a completely-owned subsidiary of RIL.
Intel Capital’s funding will translate right into a 0.39% fairness stake in Jio Platforms on a totally diluted foundation, RIL mentioned in an official assertion. Intel is newest to be a part of the listing of corporations who’ve just lately invested in Jio Platforms, taking the entire funding quantity to Rs 117,588.45 crore.
Jio Platforms is a subsequent-era expertise platform targeted on offering excessive-high quality and inexpensive digital providers throughout India, with greater than 388 million subscribers.
And, Intel Capital is the funding arm of Intel Corporation.
Mukesh Ambani, chairman and managing director of RIL, mentioned, “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. We are therefore 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.”
Wendell Brooks, Intel Capital President, mentioned, “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. We believe digital access and data can transform business and society for the better. Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence.”
The transaction is topic to regulatory and different customary approvals.
Morgan Stanley acted as monetary advisor to RIL and AZB & Partners and Davis Polk & Wardwell acted as authorized counsels.