Mukesh Ambani gets Intel inside for Jio

Intel Capital, the investment arm of global tech and semiconductor major Intel corporation, will pick up 0.39% equity stake in Jio Platforms for Rs 1,894.50 crore, making it the eleventh investor to pick up stake in RIL’s telecom and digital business in about two months. Intel's investment will take the total investments in Jio Platforms to Rs 117,588.45 crore for 25.09% holding. The latest investment pegs Jio Platforms’ equity value at RS 4.91 lakh crore and an enterprise value of RS 5.16 lakh crore, Reliance said in a statement on Friday."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.”said Mukesh Ambani. 76762101Jio Platforms houses RIL’s telecom business under Reliance Jio Infocomm, the largest in the country with nearly 400 million subscribers, besides other digital properties and investments.Intel Capital invests globally in innovative companies with a focus on disruptive technology areas like cloud computing, artificial intelligence and 5G – opportunities where Jio is also innovating and investing for growth. Intel Capital is the investment arm of Intel Corporation, a leader in the semiconductor industry The transaction is subject to regulatory and other customary approvals. Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.Prior to this , Jio Platforms raised money from 10 global entities for 24.70% stake for Rs 1.16 lakh crore. These investments, along with Rs 53,124 crore from a rights issue, have made Reliance Industries (RIL ) debt free . The other investors include Facebook, Abu Dhabi’s two largest sovereign investment arms, Abu Dhabi Investment Authority and Mubadala, along with private equity firms Silver Lake, Vista Equity Partners, General Atlantic, KKR, TPG, L Catterton and Saudi Arabia’s Public Investment Fund (PIF).About 8 days ago, the Competition Commission of India (CCI) approved Facebook’s purchase of a stake in Jio Platforms for Rs 43,574 crore.

from Economic Times https://ift.tt/38nOmaS