Global chipmaker giant Intel, through its investment arm Intel Capital, has infused a sum of $253 million in India’s Reliance Jio for a 0.39% stake in the telecom service provider.
This is the 12th investment in Reliance Industrie’s telecommunication arm Jio Platforms has raised in the last 11 weeks, taking the total investment infusion to a staggering $15.5 billion. The sum raised by the firm is higher than the cumulative investment raised by India’s entire startup ecosystem last year.
Mukesh Ambani, Chairman and MD of Reliance Industries Ltd, Jio Platform’s parent company speaking at a Jio event.
Intel Capital predominantly funds startups with a focus on AI, 5G and communication and next-gen computing. Renowned chipmaker Broadcom and software firm RedHat are few notable startups that have received investment from Intel.
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.
Intel already has presence in India with its design centers in Bengaluru and Hyderabad where it employs thousands from the Indian IT sector. Intel’s association, other than the investment, would mostly be in assisting in building infrastructure on 5G technology.
Last month, Reliance Jio had reportedly approached the Indian government for permission to test its own 5G equipment
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