Reliance Industries Ltd said on Friday that Intel Corp would buy a 0.39% stake in its digital unit, Jio Platforms, for 18.95 billion rupees ($253.55 million). Including Intel's investment, Jio Platforms will have raised a total of 1.18 trillion rupees from investors.
Reliance Industries Limited on Friday announced that Intel Capital, the investment arm of chip giant Intel, has invested Rs 1,894 crore in Jio Platforms.
Jio Platforms now has an equity value of Rs 4.91 lakh crore
Jio Platforms now has an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Intel Capital's investment will translate into a 0.39 per cent equity stake in Jio Platforms on a fully diluted basis, said the company.
"We are 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," said Mukesh Ambani, Chairman and Managing Director of Reliance Industries.
Intel Capital joins the list of marquee firms like Silver Lake and Facebook who have recently invested in Jio Platforms, taking the total investment amount to Rs 117,588.45 crore. Jio Platforms, a wholly-owned subsidiary of Reliance Industries, today has more than 388 million subscribers.
Wendell Brooks, Intel Capital President, said, "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".
"Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence." Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.