(Bloomberg) – Billionaire Mukesh Ambani’s tech company raised Rs 18.95 billion ($ 253 million) from Intel Capital, adding to a slew of investments since April that have reached more than $ 15 billion.
The investment arm of computer chip giant Intel Corp. has agreed to buy a 0.39% stake in Jio Platforms Ltd., giving the business a capital value of $ 65 billion, the Ambani conglomerate said. Reliance Industries Ltd. in a statement on Friday.
Intel Capital joins global names like Facebook Inc., KKR & Co. and Silver Lake Partners to support Ambani’s attempt to transform Reliance into a digital services giant and reduce its dependence on revenues from oil refining and petrochemicals. .
Read More: Reliance Says It’s Net Debt Free After Jio’s $ 15 Billion Offers
“Through this investment, we are excited to help drive digital transformation in India, where Intel maintains a significant presence,” Wendell Brooks, president of Intel Capital, said in the statement.
Morgan Stanley acted as financial advisor to Reliance Industries.
Ambani’s digital unit has sold about 25% in stakes and has said it reached its goal of reducing net debt to zero before its goal of March 2021. Jio is expected to use its roughly 400 million wireless phone subscribers. as the cornerstone of an e-commerce and digital services business.
Read more: Purchase of Saudi stake brings new investments in Jio to $ 15 billion
The large number of stake sales and progress in debt reduction have helped Reliance Industries shares double since late March. On Friday, shares rose as much as 1.9% to a record Rs 1,793.
(Update the share price in the final paragraph. An earlier version of this story corrected the PIF investment amount in the table.)
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