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In yet another fund-raising, Jio Platforms, a subsidiary of Asia's richest man Mukesh Ambani-controlled Reliance Industries Ltd (RIL), has raised ₹1,894.50 crore from Intel Capital. This is in lieu of a 0.39 per cent stake in Jio Platforms.
Following this, the total investment in Jio Platforms has risen to ₹117,588.45 crore. Intel Capital is the investment arm of Intel Corporation,
READ ALSO: Jio Platforms raises Rs 4,546.80 crore from TPG
“We are extremely delighted to deepen our ties with technology leaders that embody our vision of transforming India into a leading digital society in the world. Intel is a true industry leader, working towards creating world-changing technology and innovations,” Mukesh Ambani, Chairman and Managing Director of RIL said.
List of fund raising since April 22
“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 and improve the quality of life of 1.3 billion Indians,” he added.
Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.
Fuel digital presence
“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,” Wendell Brooks, Intel Capital President, said.
READ MORE: L Catterton picks 0.39 % stake in Jio Platforms for Rs 1894 crore
Intel Capital invests globally in innovative companies with a focus on disruptive technology areas like Cloud Computing, Artificial Intelligence and 5G, opportunities where Jio is also innovating and investing for growth, the company said in a statement.
Intel has operated in India for more than two decades and today employs thousands of employees there with design facilities in Bengaluru and Hyderabad.
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ALSO READ: Jio Platforms raises ₹11,367 crore from Vista Equity Partners
ALSO READ: Is Jio Platforms looking to raise more funds?
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