Jio Wins Qualcomm Backing in Boost to 5G Plan, Will Receive Rs. 730 Crores Investment
Reliance Industries said on Sunday Qualcomm’s investment arm will buy a 0.15 percent stake in its digital unit Jio Platforms for Rs. 730 crores ($97.1 million). The partnership will help Jio Platforms, the unit that houses Reliance’s telecoms venture Jio Infocomm, to “roll out advanced 5G infrastructure and services for Indian customers”, Reliance said in a statement. Qualcomm’s move comes at a time India is preparing to auction 5G airwaves to telecoms service providers.
With this new investment, Reliance has sold a 25.2 percent stake in Jio Platforms to investors in a funding spree that began late April, raising $15.69 billion (roughly Rs. 1.17 lakh crores).
Although Jio Platforms also comprises Reliance’s music and movie apps, Jio Infocomm – the mobile carrier – is its centrepiece.
Reliance chairman and billionaire tycoon Mukesh Ambani has always pitched Jio Infocomm as a tech company instead of a traditional telecoms firm.
That has helped Ambani win the backing of major tech firms such as Facebook, Intel, and now Qualcomm.
“Qualcomm offers deep technology know-how and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises,” Ambani said in the statement.
© Thomson Reuters 2020
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Reliance Industries said on Sunday Qualcomm’s investment arm will buy a 0.15 percent stake in its digital unit Jio Platforms for Rs. 730 crores ($97.1 million). The partnership will help Jio Platforms, the unit that houses Reliance’s telecoms venture Jio Infocomm, to “roll out advanced 5G infrastructure and services for Indian customers”, Reliance said in a statement. Qualcomm’s move comes at a time India is preparing to auction 5G airwaves to telecoms service providers.
With this new investment, Reliance has sold a 25.2 percent stake in Jio Platforms to investors in a funding spree that began late April, raising $15.69 billion (roughly Rs. 1.17 lakh crores).
Although Jio Platforms also comprises Reliance’s music and movie apps, Jio Infocomm – the mobile carrier – is its centrepiece.
Reliance chairman and billionaire tycoon Mukesh Ambani has always pitched Jio Infocomm as a tech company instead of a traditional telecoms firm.
That has helped Ambani win the backing of major tech firms such as Facebook, Intel, and now Qualcomm.
“Qualcomm offers deep technology know-how and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises,” Ambani said in the statement.
© Thomson Reuters 2020
Poco M2 Pro: Did we really need a Redmi Note 9 Pro clone? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.
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