2020-07-15

India’s Jio receives another US company investment Qualcomm exchanges US$97 million for 0.15%stake

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According to Reuters, Reliance Industries of India said on Sunday that the investment department of Qualcomm will invest 7.3 billion The Indian rupee ($97.1 million) acquired a 0.15%stake in its digital division Jio Platforms.

Faithful said in a statement that this cooperation will Help Jio Platforms”introduce advanced 5G infrastructure and services to Indian customers”. Jio Platforms is the parent company of Reliance Jio Infocomm, a telecom company of Reliance.

Qualcomm’s move comes just as India prepares to conduct a 5G spectrum auction.

Through this investment, Reliance has begun in late April In the large-scale financing, it sold 25.2%of the shares of Jio Platforms to investors, raising a total of 15.69 billion US dollars.

Although Jio Platforms also includes faithful music and movie application services, mobile operator Reliance Jio Infocomm is its core business.

Reliance chairman and billionaire Mukesh Ambani has always positioned Reliance Jio Infocomm as a technology company rather than a traditional telecommunications company.

This positioning helped it win support from major technology companies including Facebook, Intel and Qualcomm.

“Qualcomm provides deep technical knowledge and insights that will help us achieve our 5G vision and achieve digital transformation for Indian consumers and businesses.” Mukesh Ambani said in the statement. (C114 Ace)