Qualcomm Ventures has agreed to invest around INR 730 crore in the Reliance Industries Ltd digital unit, Jio Platform Ltd, the Indian energy-to-telecom company said.
The investment arm of Chipmaker Qualcomm Inc will get a 0.15% stake in the Jio Platforms, Reliance said in a statement.
The investment will be going to help the Jio Platform in its initiative to roll out the advanced 5G infrastructure and services for the Indian customers.
“As a world leader in wireless technologies, Qualcomm offers deep technology know-how and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises,” said Mukesh Ambani, RIL’s billionaire chairman, and managing director.
Qualcomm is the 12th investor in the Jio Platform. Its investment takes the total amount that Jio Platforms has secured from 12 investors to Rs 118,318.45 crore.