Home / Business / Intel invests $ 253.5 million in India’s Reliance Jio Platforms – TechCrunch

Intel invests $ 253.5 million in India’s Reliance Jio Platforms – TechCrunch

Intel On Friday, the company announced that it would invest $ 253.5 million in Jio Platforms to join a list of high-profile investors, including Facebook, General Atlantic, and Silver Lake, who have supported India’s leading telecommunications operators in recent months.

The American chipmaker’s investment arm announced that it will acquire a 0.39% stake in Jio Platforms, bringing the Indian company $ 65 billion in value. Intel Capital is the 1

2th investor to buy a stake in Jio Platforms, which has raised more than $ 15.5 billion since April of this year through the sale of a 25% stake.

“The focus of Jio Platforms on using its impressive technical capabilities to bring the performance of affordable digital services to India is in line with Intel’s goal of delivering breakthrough technologies that enrich life. We believe that digital access and digital data can change businesses and society for the better, ”said Wendell Brooks, president of Intel Capital, in a statement.

Today’s announcement comes weeks after Mukesh Ambani, Reliance Industries – the parent company of Jio Platforms – controlled that Saudi Arabia’s $ 1.5 billion investment in its digital unit on June 18 would ” Financial partner has marked the end of the current phase of the introduction of Jio Platforms. “

Ambani, the richest man in India, said Friday he was looking forward to “working with Intel to improve India’s capabilities in cutting-edge technologies that strengthen all areas of our economy and improve the quality of life of 1.3 billion Indians.”

The new deal further demonstrates the opportunities foreign investors see in Jio, a four-year-old subsidiary of Reliance Industries (India’s most valuable company), which has stimulated the Indian telecommunications market with cheap voice calls and mobile data tariffs. Jio has approximately 400 million subscribers.

Bernstein analysts said last month that they expect Jio Platforms to reach 500 million customers by 2023 and control half of the market by 2025. Jio Platforms competes with Bharti Airtel and Vodafone Idea, a joint venture between the British giant Vodafone and the Indian tycoon Kumar Mangalam Birlas Aditya Birla Group.

Jio Platforms also operates a variety of digital apps and services, including the music streaming service JioSaavn (which is said to be publicly available), the on-demand live television service JioTV and the payment app JioMoney, as well as the smartphone and broadband business. These services are available to Jio subscribers at no additional cost.

On Thursday evening, Jio Platforms launched JioMeet, a video conferencing service that offers unlimited calls up to 24 hours for each session. The service, which currently has no paid plans, looks scary like Zoom.

Last month, Ambani said the funds in Jio Platforms had helped him pay around $ 21 billion in net debt to oil retail giant Reliance Industries. Ambani originally agreed to settle Reliance’s debt by early 2021.

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