Qualcomm has acquired a 0.15% stake in Jio Platforms for INR7.3 billion ($97.1 million).
The US-based chip manufacturer is the latest foreign investor in Reliance Industries’ digital unit. The acquisition was made via investment unit Qualcomm Ventures, and expands on the existing partnership between the two companies.
Reliance Industries stated that the move will help to prepare Jio Platforms for “its journey to roll out advanced 5G infrastructure and services for Indian customers”, with chairman and MD Mukesh Ambani adding that Qualcomm would provide “technology know-how and insights that will help us deliver on our 5G vision and the digital transformation of India”.
Qualcomm CEO Steve Mollenkopf added: “Jio Platforms has led the digital revolution in India through its extensive digital and technological capabilities. As an enabler and investor with a long-standing presence in India, we look forward to playing a role in Jio’s vision to further revolutionise India’s digital economy.”
While India had planned to hold 5G spectrum auctions this year, the proposed sale has been delayed into 2021. High reserve prices and ongoing financial pressure on operators have prompted concern that the auction may not attract much interest.
