Intel Capital will invest Rs 1,894.50 crore in Reliance Industries’ Jio Platforms at an equity value of Rs 4.91 trillion and an enterprise value of Rs 5.16 trillion for a 0.39 per cent stake, said the two companies on Friday. This will be the twelfth international deal for Reliance’s digital arm in less than three months, taking the total investment amount to Rs 117,588.45 crore.
“Excited to work together with Intel to advance India’s capabilities in cutting-edge technologies that will empower all sectors of our economy and improve the quality of life of 1.3 billion Indians,” said RIL Chairman Mukesh Ambani. Other global players who have invested in Jio Platforms since April 22, 2020 are – Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF . With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.
Wendell Brooks, Intel Capital President, said that Jio Platforms’ focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India aligns with Intel’s purpose of delivering breakthrough technology that enriches lives.
“We believe digital access and data can transform business and society for the better.
Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence,” Brooks said.
Article source: https://www.business-standard.com/article/companies/intel-invests-rs-1-894-crore-for-a-0-30-stake-in-reliance-jio-platforms-120070300169_1.html