US-based Qualcomm Inc announced to invest Rs. 730 crore in Jio Platforms for a 0.15 per-cent stake. This investment is the thirteenth consecutive deal for Reliance Industries Limited.
After Facebook and US semiconductor company Intel, US-based Qualcomm becomes the third strategic investor in Jio Platforms comprising of telecom company Jio Infocomm and movie, news and music apps.
Within 12 weeks Jio Platforms got 13 deals with the Qualcomm being the 13th. In 12 weeks Reliance had sold 25.24 per-cent in Jio. From some of the world’s leading tech investors, Rs. 118,318.45 crore in total has been raised by the RIL.
Facebook earlier bought a 10 per-cent stake in Reliance Jio industries for dollar 5.7 billion to advance its famous feature WhatsApp for digital payments. Further, it is the largest minority shareholder in Jio Platforms limited.
US 5G Qualcomm Deal With RIL, 13th Consecutive Deal Of RIL Within 12 Weeks
Facebook had bought a 9.99 per cent stake for Rs 43,574 crore on April 22. Reliance has since sold stakes in Jio to global investors such as General Atlantic, KKR, Saudi sovereign wealth fund, Abu Dhabi state fund, Saudi Arabia’s PIF and Intel.
Qualcomm is based in California’s San Diego. It is a wireless technology that deals with 3G, 4G, and 5G wireless technologies. Moreover, Qualcomm’s technologies and products are widely used in mobile devices and other wireless products. The company’s products and technologies are also used in computing, IoT, and automotive.
Moreover, A large number of Quantumm’s patents are present globally. The company also holds the most number of patents in India.
On July 3, RIL announced that Rs. 1894.50 crore will be invested by the Intel for 0.39 per-cent stake in Jio Platforms.
This is the largest continuous funds raised by a company anywhere in the world. For some comparison, India’s start-up ecosystem raised Rs 1.10 lakh crore last year, in what was its best year.