In a massive boost the Jio’s plans of 5G, it has roped in investment from the big player from the United States – the chipmaker company Qualcomm.
On Sunday, Reliance announced the Qualcomm is going to invest 730 crore rupees into Jio platforms and buy a stake of 0.15 percent. With this, Qualcomm becomes the 12th investor to invest in Jio platforms which have raised over 1,18,318.45 crores by selling 25.24 percent of stakes.
Post this investment, the Jio platform’s equity value is now Rs. 4.91 lakh crore with an enterprise value of Rs. 5.16 lakh crores. Apart from the massive value, a partnership with Qualcomm means that Jio can now Fastrack its 5G infrastructure inefficient way. Mukesh Ambani, the Chairman and Managing director of Reliance Industries said,
“As a world leader in wireless technologies, Qualcomm offers deep technology know-how and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprise.”
Long Term Presence
This could help Jio become one of the first telecom companies to provide 5G in India. Steve Mollenkopf, the chief executive of Qualcomm said,
“With unmatched speeds and emerging use cases, 5G is expected to transform every industry in the coming years. Jio platforms have 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.”
Jio was one of the first companies in India to provide network capabilities in a budget-friendly way that was followed by other companies. Experts believe Jio has played an instrumental part in reaching the internet to most remote places of India. That has also given a boost to the Indian government’s longstanding agenda of Digital India.
Source: India Times
