Qualcomm Inc joins the pack of investors for stake in Jio Platforms with an investment of Rs 730 crore.
In a stock exchange filing on Sunday, Reliance Industries Limited (RIL) said that Qualcomm Ventures, the investment arm of Qualcomm Incorporated, an industry leader in wireless technologies, has committed to invest up to Rs 730 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
Qualcomm Ventures' investment will translate into 0.15 percent equity stake in Jio Platforms on a fully diluted basis.
"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," RIL said.
Qualcomm is the world's leading wireless technology innovator and the driving force behind the development, launch and expansion of 5G.
The transaction is subject to customary conditions precedent.
The deal with Qualcomm would be the thirteenth such investment by a tech company in RIL's digital arm in 12 weeks time. Since 22 April 2020, Jio Platforms has raised a combined value of Rs 118,318.45 crore from Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Saudi Arabia's PIF and Intel, besides Qualcomm.