Reliance Jio New Invests By US 5G Giant Qualcomm After Facebook and Intel, 13th Deal in 12 Weeks
In an unprecedented thirteenth consecutive deal for Reliance Industries Limited, US-based Qualcomm Inc will invest Rs 730 crore in Jio platforms for a 0.15 percent stake, joining other big-name investors in Reliance's digital. Qualcomm is that the third strategic investor in Jio platforms after Facebook Inc and US semiconductor company Intel, including telecom giant Jio Tele comm and film, news and music apps. The cater to Qualcomm - the 13th such investment in 12 weeks - means Reliance has sold 25.24 percent in Jio. RIL has now raised a complete of Rs 118,318.45 crore from a number of the world's leading tech investors. Read | Global Banks Estimates to Face Combined Loan Losses of $2.1 Trillion due to COVID-19 Facebook purchased a 9.99 percent stake on April 22 for Rs 43,574 crore. Reliance has since sold Jio to global investors like General Atlantic, KKR, Saudi Sovereign Wealth Fund, national capital State Fund, Saudi Arabia's PIF and Intel. Qualcomm may be a point of entry, California, headquartered wireless technology company that focuses on 3G, 4G and 5G wireless technologies. Qualcomm's technologies and products are widely employed in mobile devices and other wireless products. Read | ICICI Bank Announced over 80,000 Employees Salary Hike Up to 8% Qualcomm's Snapdragon system is employed by many major smartphones on a chip (SoC). The company's technologies and products also are employed in automotive, computing and IoT. Read the full article