Published By : Sourabha Parida | July 3, 2020 11:27 AM
Share
New Delhi, July 3: Reliance Industries Limited (RIL) and Jio Platforms Limited on Friday announced that 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. Intel Capital joins the list of marquee firms who have recently invested in Jio Platforms, taking the total investment amount to Rs 1.17 lakh crore. Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, "We are extremely delighted to deepen our ties with technology leaders that embody our vision of transforming India into a leading Digital Society in the world. Intel is a true industry leader, working towards creating world-changing technology and innovations". "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", Ambani added. Wendell Brooks, Intel Capital President, said, "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. We believe digital access and data can transform business and society for the better. Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence." Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain. Jio's vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive growth. Intel Capital invests globally in innovative companies with a focus on disruptive technology areas like cloud computing, artificial intelligence and 5G –- opportunities where Jio is also innovating and investing for growth. Intel Capital is the investment arm of Intel Corporation, a 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. Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels. (IANS)
Prameya English Is Now On WhatsApp Join And Get Latest News Updates Delivered To You Via WhatsApp
You Might Also Like
More From Related News
Union Minister Rajiv Ranjan Singh unveils 17 new fisheries clusters at ICAR-CIFA, Bhubaneswar
Odisha honoured by Agriculture Today for best agricultural practices
Over 57% of Odisha Yatri users are women
IBCS Organises FDP on India's Growth and Economic Challenges
Odisha tops in private investments, says Industries Minister Sampad Swain
Google Launches AI Mode in Search Across India, English Only for Now
Google launches AI mode feature for all users in India
JSW Steel’s Narayanposhi Mines honoured with 5-star award
Titan Shares Plunge: Jhunjhunwala Family Loses Rs 900 Crore as Tata Stock Hits 52-Week Low
Jindal (India) gets nod for ₹3,600 Cr greenfield steel plant in Odisha
Odisha govt. revokes restrictions on delinked HDFC, Axis and ICICI Banks
RBI led ' HDFC Bank Currency Chest' floats Mega Coin Mela at Puri Grand Road ahead of Bahuda Yatra
Microsoft Manager Laid Off After 25 Years Shares Bittersweet Farewell in Viral LinkedIn Post
Foxconn Recalls Chinese Engineers from India, Threatens Apple iPhone 17 Production