5G Push: Reliance Jio To Get Rs. 730 Crore From Qualcomm For 0.15% Stake

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After selling its stake to 11 firms, Reliance Jio has found its 12th investor on Monday. The company has announced that it is selling its 0.15 percent equity stake to Qualcomm Ventures, the investment arm of US-based chipmaker Qualcomm. The company is investing Rs. 730 crore in the Jio platforms, which means that the latter has so far sold a 25.24 percent stake.

Reliance Jio To Get Rs. 730 Crore From Qualcomm For 0.15% Stake

 

The company has raised close to Rs 118,318.45 crore from investors, and now it has become a fast company that has raised funds in only 12 weeks, even in the lockdown. The proposed investment needs to go through all regulatory approvals, and it gives Rs. 4.91 lakh crore equity value to Jio platforms. Besides, it has increased the Jio enterprise value to Rs. 5. 16 lakh crore.

"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," Mukesh Ambani, chairman and managing director for Reliance Industries said.

The investment procedure has been started by Facebook, where it has bought a 9.99 percent stake. The deal has been approved by the Competition Commission of India, and Jio has received Rs. 43, 574 crore from Jaadhu Holding, which is a subsidiary of the social media giant.

It is worth mentioning that Jio has already received Rs. 30,062.43 crore from four investors. "We hereby inform that, after receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the company, received the subscription amounts from the following investors, and allotted equity shares to them," Reliance Industries said.

Qualcomm And Reliance Jio Deal

Qualcomm is known for its wireless technologies. It is developing and expanding its 5G technology in India. In fact, all smartphone makers are launching their 5G handset on Qualcomm chipsets. So, we believe that Qualcomm might help Reliance Jio while testing the 5G networks and deployment. Besides, Jio also has a smartphone brand called LYF, so there are chances that both will launch 5G handsets in the country.

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