Reliance Industries (RIL) has raised Rs 730 crores from US tech giant Qualcomm Ventures by selling 0.15% stake in Jio Platforms. RIL, controlled by Mukesh Ambani, has so far mobilised Rs 1.18 lakh crores by selling 25.24% in Jio to International Investors.
Qualcomm Ventures, the investment arm of Qualcomm, has pegged the valuation of Jio at Rs 5.16 lakh crore. The US tech giant Qualcomm will support Jio in its rollout of 5G infrastructure and services for Indian customers. With this move, Qualcomm becomes the newest high-paid profile backer of Reliance Jio Platforms.
On Sunday (12/7/2020) evening, Qualcomm said it will be an investigation $97 Million in Reliance Jio Platforms and will acquire a 0.15% equity stake in the company.