Global wireless chipmaker Qualcomm Inc will buy a 0.15% stake for $97.1 million in Jio Platforms, the digital unit of Reliance Industries.
The deal will help Reliance’s digital unit to roll out advanced 5G infrastructure and services for Indian customers.
With the latest investment, Reliance has traded Jio Platforms’s 25.2% stake to global investors in a funding spree that began late April, infusing $15.69 billion into the unit. Even though Jio Platforms also includes Reliance’s music and movie apps, Jio Infocomm – the mobile carrier is the main attraction that drives investment.
Reliance chairman and billionaire tycoon Mukesh Ambani who recently became the world’s 8th richest person has always pitched Jio Infocomm as a tech company instead of a traditional telecoms firm which won him the support of major tech firms such as Facebook Inc, 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,” Mr. Ambani said in the statement.
