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It's been raining cheques for Jio Platforms and the latest one, which came on Sunday, is from Qualcomm Ventures, the investment arm of Qualcomm Incorporated. Qualcomm Ventures has committed to invest up to 730 crore, which will translate into 0.15% equity stake in Reliance Industries' digital unit on a fully diluted basis.

Qualcomm is the 12th investor in Jio Platforms in as many weeks. The mega telecom firm has so far raised 1.18 lakh crore by cumulatively selling 25.24% stake to various global firms.

Breakup of the Jio stake sales so far
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Breakup of the Jio stake sales so far

Qualcomm Ventures' investment comes at an equity value of 4.91 lakh crore and an enterprise value of 5.16 lakh crore for Jio.

"The investment will deepen the ties between Qualcomm and Jio Platforms, to support Jio Platforms on its journey to rollout advanced 5G infrastructure and services for Indian customers," the company said.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “Today, I am delighted to welcome Qualcomm Ventures as an investor in Jio Platforms. Qualcomm has been a valued partner for several years and we have a shared vision of connecting everything by building a robust and secure wireless and digital network and extending the benefits of digital connectivity to everyone in India. As a world leader in wireless technologies, Qualcomm offers deep technology knowhow and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises."

Steve Mollenkopf, CEO of Qualcomm Incorporated, said, “With our shared goal of extending the benefits of digital connectivity to everyone and everything, we anticipate Jio Platforms will deliver a new set of services and experiences to Indian consumers. With unmatched speeds and emerging use cases, 5G is expected to transform every industry in the coming years. Jio Platforms has led the digital revolution in India through its extensive digital and technological capabilities. As an enabler and investor with a longstanding presence in India, we look forward to playing a role in Jio's vision to further revolutionize India’s digital economy."

After Facebook Inc, Reliance Industries has closed deals to sell a minority stake in its digital arm to four other investors, receiving a total of over 30,062 crore.

In a regulatory filing, Reliance on Saturday said it has closed sale of 6.13 per cent stake in Jio Platforms with L Catterton, The Public Investment Fund, Silver Lake and General Atlantic.

Thanks to Ambani’s deals, India has emerged as a hot-spot for M&A this year, accounting for more than 12% of those announced in Asia Pacific -- the highest ratio since at least 1998, Bloomberg reported.

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