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Representative image

Qualcomm to invest Rs 730 crores in Jio, rollout advanced 5G infrastructure, services for Indians: Reliance Industries Ltd

ANI | Updated: Jul 12, 2020 21:36 IST

Mumbai (Maharashtra) [India], July 12 (ANI): Reliance Industries Limited and Jio Platforms Ltd. announced on Sunday that world's leading wireless technology innovator "Qualcomm" is committed to invest up to Rs 730 crore in Jio Platforms to bolster Jio's initiatives towards building an advanced digital platform for Indian consumers.
As per the press-release by Reliance-Jio, Qualcomm Ventures' investment will translate into 0.15 per cent equity stake in Jio Platforms on a fully diluted basis. The investment will be at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
Further, the investment will deepen the ties between Qualcomm and Jio Platforms, to support Jio Platforms on its journey to rollout advanced 5G infrastructure and services for Indian customers.
"Jio Platforms, a majority-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers," read the press release from Reliance-Jio.
"Jio's vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive growth," it stated.
Qualcomm is the world's leading wireless technology innovator and the driving force behind the development, launch and expansion of 5G. With more than $62 billion in cumulative research and development spend, 35 years of innovation and over 140,000 patents and patent applications, Qualcomm is committed to fueling innovation and fostering Indian technology advancement.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, "Today, I am delighted to welcome Qualcomm Ventures as an investor in Jio Platforms. 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."
"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," said Ambani.
Steve Mollenkopf, CEO of Qualcomm Incorporated, said, "With our shared goal of extending the benefits of digital connectivity to everyone and everything, we anticipate Jio Platforms will deliver a new set of services and experiences to Indian consumers. With unmatched speeds and emerging use cases, 5G is expected to transform every industry in the coming years."
"Jio Platforms has led the digital revolution in India through its extensive digital and technological capabilities. As an enabler and investor with a longstanding presence in India, we look forward to playing a role in Jio's vision to further revolutionize India's digital economy," Steve added. (ANI)

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