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With 5G tech in mind, Jio Platforms ropes in Qualcomm as an investor – The Economic Times

NEW DELHI: In one other funding for Jio Platforms, the corporate mentioned on Sunday, Qualcomm Ventures, the funding arm of chipmaker Qualcomm Incorporated, will make investments Rs 730 crore for 0.15 per cent stake.

This is the twelfth investor to choose stake in the corporate. With this, the corporate has raised Rs 1,18,318.45 crore by promoting 25.24 per cent holding.

The funding pegs Jio Platforms at an fairness worth of Rs 4.91 lakh crore and an enterprise worth of Rs 5.16 lakh crore.

The funding will deepen Jio’s ties with Qualcomm to help its journey to rollout superior 5G infrastructure and companies, the corporate mentioned.

“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,” mentioned Mukesh Ambani, Chairman and Managing Director of Reliance Industries.

The transaction is topic to customary circumstances precedent. Morgan Stanley acted as monetary advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as authorized counsels. Trilegal acted as authorized counsel for Qualcomm Ventures.

Apart from Qualcomm, traders in Jio Platforms embody TPG, KKR, L Catterton, Intel Capital, General Atlantic, Vista Equity Partners, two sovereign wealth funds from Abu Dhabi — Abu Dhabi Investment Authority and Mubadala – and one from Saudi Arabia – Public Investment Fund.

Jio Platforms earlier this week mentioned it has obtained subscription quantities, totalling Rs 30,062.43 crore, for a 6.three per cent stake sale to L Catterton, PIF, Silver Lake, and General Atlantic Singapore. This is beside Rs 43,574 crore from Jaadhu Holdings, a completely-owned unit of Facebook Inc., which was the primary investor in the corporate.

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