Reliance Industries said on Sunday Qualcomm's investment arm will buy a 0.15 percent stake in its digital unit Jio Platforms for Rs. 730 crores ($97.1 million). The partnership will help Jio Platforms, the unit that houses Reliance's telecoms venture Jio Infocomm, to "roll out advanced 5G infrastructure and services for Indian customers", Reliance said in a statement. Qualcomm's move comes at a time India is preparing to auction 5G airwaves to telecoms service providers.
With this new investment, Reliance has sold a 25.2 percent stake in Jio Platforms to investors in a funding spree that began late April, raising $15.69 billion (roughly Rs. 1.17 lakh crores).
Although Jio Platforms also comprises Reliance's music and movie apps, Jio Infocomm - the mobile carrier - is its centrepiece.
"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," Ambani said in the statement.
© Thomson Reuters 2020
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