ADVERTISEMENT
US-Based Qualcomm Incorporated's Investment Arm To Buy Rs 730-Crore Stake In Jio Platforms
12 Jul 2020, 08:53 PM IST 
Qualcomm's investment marks the thirteenth investment in Jio Platforms since April 22
- Reliance Industries said Qualcomm Ventures' investment will support Jio Platforms "on its journey to roll out advanced 5G infrastructure and services for Indian customers".
- Qualcomm's move comes at a time the government is preparing to auction 5G airwaves to telecoms service providers.
- This is the thirteenth investment in Jio Platforms since April 22. In total, Jio Platforms has so far raised Rs 1,18,318.45 crore within 12 weeks.
- Recent investors in Jio Platforms include US-based Facebook, General Atlantic, KKR and Intel Corporation, Abu Dhabi-based Mubadala and Abu Dhabi Investment Authority, and Saudi Arabia's Public Investment Fund.
- “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," said Mukesh Ambani, chairman and managing director, Reliance Industries.
- "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," he added.
- RIL said the transaction is subject to regulatory and other customary approvals.
- Investments in Reliance Jio along with Reliance Industries' rights issue worth more than Rs 53,000 crore have helped the conglomerate become net debt-free much earlier than its target of March 2021.
- Although Jio Platforms also comprises Reliance Industries' music and movie apps, Jio Infocomm is its centrepiece. Reliance chairman Mukesh Ambani has always pitched Jio Infocomm as a tech company instead of a traditional telecom firm.
- Reliance Industries is now "in its golden decade", Mr Ambani had said last month as his group reached the milestone. "I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," he said.