Mumbai (Maharashtra) [India], July 3 (ANI): Reliance Industries Limited and Jio Platforms Limited on Friday announced that Intel Capital will invest Rs 1,894.50 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
Intel Capital's investment will translate into a 0.39 per cent equity stake in Jio Platforms on a fully diluted basis. Intel Capital joins the list of marquee firms who have recently invested in Jio Platforms, taking the total investment amount to Rs 117,588.45 crore.
This is an unprecedented twelfth investment in Jio Platforms within eleven weeks (since 22nd April 2020).
Intel is one of the pioneering companies in the technology space and is admired and respected for its innovation.
With this investment, Jio Platforms has raised Rs 117,588.45 crores from leading technology investors including Facebook, Silver Lake Partners (two investments), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF and Intel. At Rs 117,588.45 crore, it is the largest continuous funds raised by a company anywhere in the world. It is remarkable that this was done amidst a global lock-down, clearly signifying India's digital potential and Jio's business strategy.
Intel's investment is at a similar valuation to the other recent investments in Jio - equity valuation of Rs 4.91 Lakh crore and enterprise valuation of Rs 5.16 Lakh crore.
Intel Capital is the investment arm of Intel Corporation, a leader in the semiconductor industry, shaping the data-centric future with computing and communications technology that is the foundation of global innovations. Intel has operated in India for more than two decades and today employs thousands of employees there with state-of-the-art design facilities in Bengaluru and Hyderabad.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, "We areextremely delighted to deepen our ties with technology leaders that embody our vision oftransforming India into a leading digital society in the world. Intel is a true industry leader, working towards creating world-changing technology and innovations.""Intel Capital has an outstanding record of being a valuable partner for leading technology companies globally. We are therefore excited to work together with Intel to advance India's capabilities in cutting-edge technologies that will empower all sectors of our economy and improve the quality of life of 1.3 billion Indians," he added.
Wendell Brooks, Intel Capital President, said that Jio Platforms' focus on applying its impressiveengineering capabilities to bring the power of low-cost digital services to India aligns with Intel'spurpose of delivering breakthrough technology that enriches lives.
"We believe digital access and data can transform business and society for the better. Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence," Brooks added. (ANI)