Intel to invest $250mn in India’s Reliance Jio Platforms
Indian digital services company Jio Platforms, a subsidiary of the Reliance industries Conglomerate, is to receive significant investment from Intel.
Intel said it would invest ₹1,894.50 crore, the equivalent of $250mn, via its Intel Capital investment arm. Intel in return is taking a 0.39% equity stake in Jio Platforms.
Jio operates with a focus on bringing digital services to the Indian Market, and has 388 million subscribers. The company’s digital ecosystem spans broadband connectivity, smart devices, cloud and edge computing, big data analytics artificial intelligence, the internet of things and more.
In a press release, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “We are extremely delighted to deepen our ties with technology leaders that embody our vision of transforming 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.”
Intel’s justification for the investment came from its focus on investing in companies with interest in disruptive technologies such as cloud computing, AI and 5G, as well as a burgeoning interest in the Indian market that has seen it build up thousands of employees in the county over the past two decades.
“Jio Platforms’ focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India aligns with Intel’s purpose of delivering breakthrough technology that enriches lives,” said Wendell Brooks, Intel Capital president. “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.”
