QUALCOMM’S WORLD LEADING CAPABILITIES IN 5G AND WIRELESS TECHNOLOGIES TO
BOLSTER JIO’S INITIATIVES TOWARDS BUILDING AN ADVANCED DIGITAL PLATFORM FOR
INDIAN CONSUMERS
Reliance Industries Limited (“Reliance
Industries”) and Jio Platforms Limited (“Jio Platforms”), announced today that
Qualcomm Ventures, the investment arm of Qualcomm Incorporated, an industry
leader in wireless technologies, has committed to invest upto ₹ 730 crore
in Jio Platforms at an equity value of ₹ 4.91 lakh crore and an enterprise
value of ₹ 5.16 lakh crore. Qualcomm Ventures’ investment will translate
into 0.15% equity stake in Jio Platforms on a fully diluted basis. The investment
will deepen the ties between Qualcomm and Jio Platforms, to support Jio
Platforms on its journey to rollout advanced 5G infrastructure and services for
Indian customers.
Jio Platforms, a majority-owned subsidiary of Reliance
Industries, is a next-generation technology platform focused on providing
high-quality and affordable digital services across India , with more than 388 million
subscribers. Jio Platforms has made significant investments across its digital
ecosystem, powered by leading technologies spanning broadband connectivity,
smart devices, cloud and edge computing, big data analytics, artificial
intelligence, Internet of Things, augmented and mixed reality and blockchain.
Jio’s vision is to enable a Digital India for 1.3 billion people and businesses
across the country, including small merchants, micro-businesses and farmers so
that all of them can enjoy the fruits of inclusive growth.
Qualcomm is the world’s
leading wireless technology innovator and the driving force behind the
development, launch and expansion of 5G. With more than $62 billion in
cumulative research and development spend, 35 years of innovation and over
140,000 patents and patent applications, Qualcomm is committed to fueling
innovation and fostering Indian technology advancement. Qualcomm Ventures is a
global fund that invests in pioneering companies across the wireless ecosystem
in areas like 5G, AI, IoT, automotive, networking and enterprise. In India , Qualcomm Ventures has invested in
companies that address key domestic issues from Dairy, Transportation to
Defense, and build world class products for India and the world market.
Mukesh Ambani, Chairman and
Managing Director of Reliance Industries, said, “Today, I am delighted to
welcome Qualcomm Ventures as an investor in Jio Platforms. Qualcomm has been a
valued partner for several years and we have a shared vision of connecting
everything by building a robust and secure wireless and digital network and
extending the benefits of digital connectivity to everyone in India . As a
world leader in wireless technologies, Qualcomm offers deep technology knowhow
and insights that will help us deliver on our 5G vision and the digital
transformation of India
for both people and enterprises.”
Steve Mollenkopf, CEO of
Qualcomm Incorporated, said, “With our shared goal of extending the benefits of
digital connectivity to everyone and everything, we anticipate Jio Platforms
will deliver a new set of services and experiences to Indian consumers. With
unmatched speeds and emerging use cases, 5G is expected to transform every
industry in the coming years. Jio Platforms has led the digital revolution in India through
its extensive digital and technological capabilities. As an enabler and
investor with a longstanding presence in India ,
we look forward to playing a role in Jio's vision to further revolutionize India ’s digital
economy.”
The transaction is subject to customary conditions precedent.
Morgan Stanley acted as financial advisor to Reliance
Industries and AZB & Partners and Davis Polk & Wardwell acted as legal
counsels. Trilegal acted as legal counsel for Qualcomm Ventures.
Mumbai, July 12, 2020