Intel Capital, the investment arm of global tech and semiconductor major Intel corporation, will pick up 0.39% equity stake in Jio Platforms for Rs 1,894.50 crore, making it the eleventh investor to pick up stake in RIL’s telecom and digital business in about two months.
With this investment, Intel joins a list of dozen investors including Facebook, KKR, Saudi Arabia’s Public Investment Fund, taking the total financing to Rs 1,17,588.45 crore for just a shade over 25% holding.Overall, Reliance has raised about Rs 1,70,712.65 crore in over two and half months, including the country’s largest rights issue of Rs 53,124.20 crore.
“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” said Wendell Brooks, president, Intel Capital.
“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”, Ambani added.
Reliance Industies said that Jio Platforms is also making significant investments across its digital ecosystem for future growth, including areas like broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.