Reliance Jio is looking to wrap up another investment, this time, from Qualcomm. Additionally, the company will receive a mammoth Rs. 730 crore for the same. In addition, with this investment the company has sold 25.2 percent stake to the investors.
Moreover, Qualcomm will buy 0.15 percent stake in Jio Platforms for $97.1 million. This partnership will assist the digital platform of Jio in “rolling out advance level of 5G infrastructure and services for the customers of the country.” India is moving towards 5G and this investment can prove to be a step in that direction.
Mukesh Ambani, the chairperson of the Reliance Industries said, “Qualcomm offers deep technology know-how and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.”
Further, with this investment, Jio platforms has sold 25.2 percent to investors, starting from the month of April. The company is already done with 12 big deals, starting from 22nd April. This will be the 13th deal for Reliance Jio.
Additionally, with the completion of this new deal, the company will raise $15.69 billion. This amount is equivalent to roughly Rs. 1.17 lakh crore. With the new deal, the company has an equity value of Rs. 4.91 lakh crore.
Various other investors include Facebook, Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR, Mubadala, Silver Lake Partners and Co-Investors, Abu Dhabi Investment Authority, TPG, L Catterton and Public Investment Fund and Intel Capital.
Additionally, these deals have also made Mukesh Ambani the 7th richest man in the world. He recently surpassed Warren Buffett in the list. Further, he is also now the richest man in whole of Asia, surpassing Jack Ma of China.
Further, these deals will also enable the Reliance Industries to eliminate all of its net debt by the end of the current financial year, as said by Mukesh Ambani, the chairman of the Reliance Industries.