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Intel snaps up stake in Jio Platforms
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Intel has acquired a stake in Jio Platforms, becoming the latest in a long line of overseas investors in Reliance Industries’ digital unit.
Reliance Industries has to date sold 25.09% of Jio Platforms, generating INR1.2 trillion – enough to erase the parent company’s debt.
US-based Intel Capital paid INR18.9 billion ($253.6 million) for a 0.39% stake in the unit, which delivers broadband and eCommerce services in India as well as operating mobile unit Reliance Jio.
Intel Capital president Wendell Brooks said: “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.”
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