FP employeeJuly 12, 2020 8:44:15 PM
Qualcomm Inc, one of the world’s leading wireless technology companies, will invest Rs 730 crore in Jio Platforms to earn a 0.1
Jio Platforms, a unit of Reliance Industries Limited, operates the telecommunications company Jio Infocomm, India’s largest company, as well as film, news and music apps.
The deal with Qualcomm – the 13th such investment in 12 weeks – increases the total share Reliance sold to Jio Platforms to 25.24 percent. Mumbai-based RIL has now raised a total of 118,318.45 rupees from some of the world’s leading tech investors on a company’s largest fundraiser around the world and during a global freeze.
Facebook led investment in Jio by buying 9.99 percent for April 43,574 billion on April 22. The oil-to-telecommunications conglomerate has since sold shares in Jio to global investors such as General Atlantic, KKR, the Saudi state fund Abu Dhabi, sold state funds, Saudi Arabia’s PIF and Intel.
Qualcomm has invested in Jio through its investment arm Qualcomm Ventures. The investment is made with a stock valuation of 4.91 billion rupees and a company valuation of 5.16 billion rupees.
Qualcomm, which holds multiple patents and leads patent applications in India, describes itself as the world’s leading innovator in wireless technology and a driving force in the development, introduction and expansion of 5G.
The company focuses on the development, introduction and expansion of technologies such as the fifth generation (5G) and offers technologies and products that are used in mobile devices and other wireless products, including network devices, broadband gateway devices, consumer electronics devices and other connected devices Devices devices. Qualcomm’s technologies and products are also used in segments and applications outside of mobile communications, e.g. B. in the Internet of Things (IoT), in the automotive industry, in computing and in the network.
The transaction is subject to regulatory and other customary approvals.
(Disclaimer: Reliance Industries Ltd. is the only beneficiary of the Independent Media Trust that controls Network18 Media & Investments Ltd that Firstpost publishes.)
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