Intel to be latest investor in India's Jio Platforms
Chipmaker Intel will be the latest large US firm to invest in Indian telco Jio Platforms with a sum of $253.5m close on the heels of Facebook’s $5.7bn investment.
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Owned by billionaire Mukesh Ambani’s Reliance Industries, Jio Platforms announced the Intel investment in a media release on Friday via Twitter.
Jio Platforms is currently valued at $65.0bn and the investment by Intel will grant it a 0.39% stake in the company.
The investment will be made through the chipmaker’s venture firm, Intel Capital.
“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,” said Wendell Brooks, Intel Capital President, in a statement.
“We believe digital access and data can transform business and society for the better.”
Jio Platforms is India’s top telco and owns several high-profile apps and offers other services in the e-commerce and broadband space.