Intel becomes second strategic investor in Jio Platforms after Facebook. Reliance Industries digital unit has now raised a total Rs 117,588.45 crore from some of the world’s leading tech investors in exchange for 25.09 percent.
Moneycontrol News
Intel Corp will invest Rs 1,894.5 crore in Jio Platforms in exchange for a 0.39 percent stake, the latest big-ticket investment in the digital unit of Reliance Industries (RIL).
The American semiconductor giant is the second strategic investor after Facebook Inc in Jio, which runs movie, news and music apps as well as the telecom enterprise Jio Infocomm.
The deal with Intel — the 12th such investment in 11 weeks —takes the total stake that Reliance sold in Jio Platforms to 25.09 percent. Mumbai-based RIL has now raised a combined Rs 117,588.45 crore from some of the world’s leading tech investors led by Facebook, which bought a 9.99 percent stake for Rs 43,574 crore on April 22.
Also Read: Facebook buys 9.9% stake in Reliance Jio for Rs 43,574 crore in largest tech FDI
The oil-to-telecom conglomerate has since sold stakes in Jio to global investors such as General Atlantic, KKR, Saudi sovereign wealth fund, Abu Dhabi state fund and Saudi Arabia’s PIF, one of the world’s largest sovereign wealth funds.
PIF’s investment on June 18 marked the end of Jio Platforms’ current phase of induction of financial partners, RIL then said.Intel’s investment through its investment arm Intel Capital comes at an equity valuation of Rs 4.91 lakh crore and enterprise valuation of Rs 5.16 lakh crore.
Intel is the leader in the semiconductor industry, shaping the data-centric future with computing and communications technology that is the foundation of global innovations. Intel has operated in India for more than two decades and today employs thousands of employees there with state-of-the-art design facilities in Bengaluru and Hyderabad.
Intel Capital invests in innovative startups targeting artificial intelligence, autonomous vehicles, datacenter and cloud, 5G, next-generation compute and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested $12.9 billion in more than 1,582 companies worldwide, and 692 portfolio companies have gone public or participated in a merger.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.