Intel To Invest $253.5 Million In India’s Reliance Jio Platforms
Intel said on Friday it will invest $253.5 million in Jio Platforms, joining a roster of high-profile investors including Facebook, General Atlantic, and Silver Lake that have backed India’s top telecom operator in recent months, TechCrunch reported
The American chipmaker’s investment arm said it is acquiring a 0.39% stake in Jio Platforms, giving the Indian firm a valuation of $65 billion. Intel Capital is the 12th investor to buy a stake in Jio Platforms, which has raised more than $15.5 billion by selling a 25% stake since April this year.
“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,” said Wendell Brooks, Intel Capital President, in a statement.
Jio Platforms also operates a bevy of digital apps and services, including music streaming service JioSaavn (which it says it will take public), on-demand live television service JioTV and payments app JioMoney, as well as smartphones and broadband business. These services are available to Jio subscribers at no additional charge.