With this investment, Reliance has sold 25.2 percent stake in Jio platforms in a funding spree.
Qualcomm’s move comes at correct time when India is preparing to auction 5G airwaves
Reliance has sold 25.2% stake in Jio platforms
Reliance has now raised up to $15.69 billion
Know About: Qualcomm invests in Jio
Reliance Industries said on Sunday that Qualcomm will buys 0.15 percent stake in digital unit Jio platforms for ₹730 crores. The partnership with Qualcomm will help Jio platforms, the unit that houses Reliance telecoms venture Jio Infocomm, to “roll out the advanced 5G infrastructure and services for Indian customer”, Reliance said in statement. Qualcomm move comes at right time when India is preparing to auction 5G airwaves to telecoms service providers. With this new investment, Reliance has sold 25.2% stake in Jio platforms to investors in a funding spree that began late April, raising $15.69 billion.
Although Jio platforms also comprises Reliance music and movie apps. Reliance chairman Mukesh Ambani has always pitched Jio Infocomm as a tech company instead of a telecoms firm. That helped Ambani win the backing of major tech firms such as Intel, Facebook and now Qualcomm.