E-Paper
Intel to invest $253.4mn in Reliance Jio for 0.39% stake
“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,” said Mukesh Ambani, chairman and managing director, Reliance Industries Ltd.
Intel Capital, the investment arm of the US chipmaker, will invest ₹1,894.50 crore ($253.4 million) for a 0.39% stake in Jio Platforms, becoming the 11th entity to invest in the digital services business of Reliance Industries Ltd (RIL) in a span of three months.
The deal values Jio Platforms at an equity value of ₹4.91 lakh crore and an enterprise value of ₹5.16 lakh crore, RIL said in a statement on Friday.
“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,” said Mukesh Ambani, chairman and managing director, Reliance Industries Ltd.
“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,” said Wendell Brooks, Intel Capital president.
