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  Business   Companies  13 Jul 2020  Qualcomm-Jio deal: 5G wireless tech company to invest Rs 730 crore in RIL unit

Qualcomm-Jio deal: 5G wireless tech company to invest Rs 730 crore in RIL unit

REUTERS
Published : Jul 13, 2020, 9:56 am IST
Updated : Jul 13, 2020, 9:56 am IST

The partnership will help Jio Platforms to “roll out advanced 5G infrastructure and services for Indian customers”, Reliance said

 Reliance Industries said Qualcomm Inc’s investment arm will buy a 0.15% stake in its digital unit Jio Platforms. (PTI Photo)
  Reliance Industries said Qualcomm Inc’s investment arm will buy a 0.15% stake in its digital unit Jio Platforms. (PTI Photo)

NEW DELHI: Reliance Industries said Qualcomm Inc’s investment arm will buy a 0.15% stake in its digital unit Jio Platforms for Rs 730 billion ($97.1 million).

The partnership will help Jio Platforms, the unit that houses Reliance’s telecoms venture Jio Infocomm, to “roll out advanced 5G infrastructure and services for Indian customers”, Reliance said in a statement.

 

Global wireless technology inventor, Qualcomm’s move comes at a time India is preparing to auction 5G airwaves to telecoms service providers.

With this new investment, Reliance has sold a 25.2% stake in Jio Platforms to investors in a funding spree that began late April, raising $15.69 billion.

Although Jio Platforms also comprises Reliance’s music and movie apps, Jio Infocomm - the mobile carrier - is its centrepiece.

Reliance chairman and billionaire tycoon Mukesh Ambani has always pitched Jio Infocomm as a tech company instead of a traditional telecoms firm.

That has helped Ambani win the backing of major tech firms such as Facebook Inc, Intel and now Qualcomm.

 

“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,” Ambani said in the statement.

Tags: ril, qualcom, reliance, jio platforms, qualcomm, qualcomm-jio deal, reliance jio
Location: India, Delhi, New Delhi