RIL is controlled by Mukesh Ambani. (File photo)
NEW DELHI: Reliance Industries (RIL) announced on Friday that Intel Capital will invest Rs 1,894.5 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Jio Platforms is a wholly-owned subsidiary of RIL.
Intel Capital’s investment will translate into a 0.39% equity stake in Jio Platforms on a fully diluted basis, RIL said in an official statement. Intel is latest to join the list of firms who have recently invested in Jio Platforms, taking the total investment amount to Rs 117,588.45 crore.
Jio Platforms is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.
And, Intel Capital is the investment arm of Intel Corporation.
Mukesh Ambani, chairman and managing director of RIL, said, “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.”
Wendell Brooks, Intel Capital President, said, “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. 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.”
The transaction is subject to regulatory and other customary approvals.
Morgan Stanley acted as financial advisor to RIL and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.