India’s Reliance Industries said the investment arm of Sunday Qualcomm Inc would purchase a 0.15 per cent stake in its Jio Platforms digital business for 7.3 billion rupees ($97.1 million). The collaboration will allow Jio Platforms to “roll out advanced 5 G technology and services for Indian consumers,” Reliance said in a statement, the company that houses Reliance ‘s telecoms venture Jio Infocomm.
Reliance has sold a 25.2 per cent stake in Jio Platforms to investors with this latest investment in a funding spree that began late April, raising $15.69 billion. Although Jio Platforms also includes the music and movie apps from Reliance, Jio Infocomm-the mobile network-is its centrepiece. Chairman of the Reliance and billionaire tycoon Mukesh Ambani has always pitched Jio Infocomm as a tech venture, rather than a conventional telecoms firm.
That helped Ambani gain the love of major tech companies including Facebook Inc, Intel and now Qualcomm. “Qualcomm provides deep technology know-how and expertise that will help us deliver our 5 G vision and India’s digital transformation for people and businesses alike,” said Ambani in the release.