Mukesh D. Ambani, President of Reliance Industries Ltd., attends the Ajay Mushran Memorial Conference in New Delhi, India on Sunday July 10, 2011.
Pankaj Nangia | Bloomberg | fake pictures
mentel is investing more than $ 250 million in Indian telecoms company Jio Platforms, just three months after Facebook announced a $ 5.7 billion stake in the company.
Owned by billionaire Mukesh Ambani Reliance Industries, Jio Platforms announced Intel’s investment in a press release on Friday via Twitter. Intel will inject $ 253.5 million into the company, which is valued at $ 65 billion, in exchange for a 0.39% stake.
The investment, which is made through chipmaker venture capital firm Intel Capital, comes after Facebook said it was investing $ 5.7 billion in the Indian company in exchange for a 9.9% stake in April.
Jio Platforms operates the Jio Infocomm telecommunications network, which has accumulated more than 388 million 4G subscribers since its launch in 2016. Today it is the leading telecommunications company in India, and also has various applications and other services in e-commerce and band. wide.
“Jio Platforms’ focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India is aligned with Intel’s purpose of offering innovative technology that enriches lives,” said Wendell Brooks, president. from Intel Capital, in a statement.
“We believe that digital access and data can transform companies and society for the better.”
Home to 1.35 billion people, India is developing rapidly and investors don’t want to miss out on that opportunity, particularly when it comes to technological advancements.
Technology research analyst Neil Shah wrote on Twitter that Intel’s investment will help ensure that “India’s 5G network has a good chunk of Intel’s solutions.”
Ambani, the richest man in India, is in the process of trying to sell approximately 20% of the Jio rigs to raise cash for the indebted parent company Reliance Industries, which is heavily involved in oil and petrochemicals. He reportedly has a net debt pile of around $ 20 billion.
US investors like KKR, General Atlantic, Silver Lake and Vista have injected billions into Jio Platforms.
Last month, the UAE sovereign wealth fund Mubadala revealed that it was investing $ 1.2 billion in the company, while the Saudi Arabian Public Investment Fund contributed $ 1.5 billion.
Facebook’s investment was the company’s biggest business since its $ 19 billion WhatsApp purchase.
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