Intel Capital to buy 0.39 pc stake in Jio Platforms for Rs 1,894 cr
Intel Capital is 12th company to join the list of marquee firms who have recently invested in Jio Platforms, taking the total investment amount to Rs 1,17,588.45 crore.
"Intel Capital will invest Rs 1,894.50 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Intel Capital's investment will translate into a 0.39 per cent equity stake in Jio Platforms on a fully diluted basis," Reliance Industries and Jio Platforms said in a joint statement.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries, also runs Reliance Jio telecom business. Jio leads the India market with over 38.8 crore subscribers.
"Intel Capital has an outstanding record of being a valuable partner for leading technology companies globally. We are therefore excited to work together with Intel to advance India's capabilities in cutting-edge technologies that will empower all sectors of our economy and improve the quality of life of 1.3 billion Indians," Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said
Wendell Brooks, Intel Capital President, said that Jio Platforms' focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India aligns with Intel's purpose of delivering breakthrough technology that enriches lives.
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