Reliance Jio Gets Rs 730 Crore Investment From Qualcomm Ventures, Sensex Jumps 280 Points
While the global economy is tanking amid the coronavirus pandemic, on the other hand, many companies are making big profits in the same period. On Monday morning, the Sensex opened with a gain of 280 points, the biggest reason being another investment in Reliance Jio.
Reliance Jio, which has become the largest telecom company in India, has added another investor on Sunday. Jio sold its 0.15 percent stake to Qualcomm Ventures and got investments worth Rs 730 crore. Reliance owner Mukesh Ambani has accepted investments more than Rs 1.18 trillion in Jio since April.
Qualcomm Ventures is a well-known name in many areas such as 5G, Artificial Intelligence, Networking and reason behind this investment being part of Jio's strategy to capture and market better in 5G technology. With this investment, Reliance has so far sold 25.24 percent stake in Jio Platforms Ltd and has raised a total of Rs 118,318.45 crore from 12 investors so far.
As the largest investor in Jio Platforms, on April 22, social networking giant Facebook invested 9.43 percent to Rs 43,573.62 crore, and since then six US private equity firms have invested in Jio. Silver Lake Partners 2.08 Bought at Rs 10,202.55 crore, Vista Equity Partners paid Rs 11,367 crore for 2.32 percent stake, General Atlantic acquired 1.34 percent stake for Rs 6,598.38 crore.
While KKR invested Rs 11,367 crore for a 2.32 percent stake, TPG bought a 0.93 percent stake for Rs 4,546.80 crore, and L Catterton bought a 0.39 percent stake for Rs 1,894.50 crore and computer chip giant Intel Corp for Rs 1,894.50 crore bought 0.39 percent stake.