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Qualcomm’s funding of Rs 730 crore for a 0.15 p.c stake underlines Jio Platforms’ place as a premier know-how participant in India, and all over the world.
- News18.com
- Last Updated: July 13, 2020, 11:57 AM IST
Reliance Jio has introduced an unprecedented 13th funding within the firm, with world know-how large Qualcomm selecting up a 0.15 p.c stake in Jio Platforms towards an funding of Rs 730 crore. The deal brings the entire quantity of funding in Jio Platforms as much as Rs 1,18,318.45 crore, for a complete stake sale of 25.24 p.c. With this funding, Jio Platforms is valued at fairness worth of Rs 4.91 lakh crore, and enterprise worth of 5.16 lakh crore. All the investments come collectively to rank Jio Platforms as one in every of India’s largest corporations, in addition to one of the vital enticing corporations on the earth, as per buyers.
Commenting upon the funding, Mukesh Ambani, chairman and managing of Reliance Industries, stated, “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 knowhow and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.”
Qualcomm’s funding in Jio Platforms signifies in no unsure phrases a transparent validation of Jio’s elite rating within the world know-how trade. After revolutionising the Indian cellular telecom operator area with path-breaking 4G companies at by no means seen earlier than pricing, Jio has since expanded its presence to function in numerous know-how fields. For the buyer, Jio right now presents fiber broadband web service, in addition to DTH TV service that’s among the many finest on the earth due to the huge quantity of content material on supply.
Steve Mollenkopf, CEO of Qualcomm Inc, stated upon the funding, “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 revolutionise India’s digital economy.”
Qualcomm is likely one of the world’s largest know-how corporations, and performs an unbeatable function due to its processor enterprise that fuels an enormous part of the world’s Android smartphones. Qualcomm can be a number one community and communications participant, and its work on 5G community tools is main the world in the direction of subsequent technology connectivity companies. The funding in Jio comes by way of Qualcomm Ventures, which is famous as one of many world’s main enterprise capital funding teams. Under Qualcomm Ventures, the first space of funding consists of startups concentrating on the wi-fi ecosystem in sectors reminiscent of automotive, knowledge centre and enterprise, digital well being, IoT and mobiles.
With Qualcomm bringing in a robust presence within the record of Jio Platforms’ record of buyers, the latter has additional solidified its dedication in the direction of taking India to new heights, in relation to our progress as a technology-first nation.
Disclaimer:News18.com is a part of Community18 Media & Investment Limited which is owned by Reliance Industries Limited that additionally owns Reliance Jio.
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