Intel to invest $253.5 million in Jio1 min read . Updated: 03 Jul 2020, 10:21 PM IST
RIL has sold a total of 25.09% stake in Jio Platform so far to entities including Facebook, raising ₹1.17 trillion
Intel Capital, the investment arm of the US chipmaker, will invest ₹1,894.50 crore ($253.4 million) for a 0.39% stake in Jio Platforms, becoming the 11th entity to invest in the digital services business of Reliance Industries Ltd (RIL) in a span of three months.
The deal values Jio Platforms at an equity value of ₹4.91 trillion and an enterprise value of ₹5.16 trillion, RIL said in a statement on Friday.
“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," said Mukesh Ambani, chairman and managing director, RIL.
With this, RIL has sold a total of 25.09% stake in Jio Platforms to Facebook, General Atlantic, TPG, KKR, Silver Lake, L Catterton, Vista Equity Partners, Abu Dhabi Investment Authority, Mubadala Investment Co., Public Investment Fund of Saudi Arabia and Intel Capital, raising ₹1.17 trillion.
Jio Platforms has over 388 million subscribers and significant investments across its digital ecosystem. On Thursday, Jio Platforms launched JioMeet, a video-conferencing service that offers unlimited calls with “up to 24 hours" time limit on each session.
“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," said Wendell Brooks, Intel Capital president.
Morgan Stanley acted as financial adviser to RIL and AZB & Partners was legal adviser.