Industry

Intel Capital to buy 0.39% stake in Jio Platforms for ₹1,894 crore

Intel Capital, the investment arm of Intel, has agreed to invest ₹1,894.50 crore in Jio Platforms at an equity value of ₹4.91 lakh crore and an enterprise value of ₹5.16 lakh crore, Reliance Industries Ltd, the parent of Jio Platforms, said.

Intel Capital’s investment will translate into a 0.39% equity stake in Jio Platforms on a fully diluted basis.

Intel Capital joins the list of marquee firms which have recently invested in Jio Platforms, taking the total investment amount to ₹117,588.45 crore.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “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”.

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,” he said.

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Printable version | Aug 9, 2020 12:17:56 PM | https://www.thehindu.com/business/Industry/intel-capital-invests-189450-crore-in-jio-platforms/article31976973.ece

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