India’s Reliance Industries on Sunday explained Qualcomm Inc’s investment arm will buy a .15% stake in its electronic unit Jio Platforms for 7.3 billion Indian rupees ($97.1 million).
The partnership will help Jio Platforms, the device that houses Reliance’s telecoms enterprise Jio Infocomm, to “rollout superior 5G infrastructure and expert services for Indian clients,” Reliance claimed in a statement.
Qualcomm, the 13th such expenditure in 12 months
The deal with Qualcomm — the 13th these types of investment decision in 12 weeks—means Reliance has sold 25.24 p.c in Jio. RIL has now raised Rs 118,318.45 crore in complete from some of the world’s primary tech traders.
Fb experienced bought a 9.99 per cent stake for Rs 43,574 crore on April 22. Reliance has since offered stakes in Jio to global investors these kinds of as Common Atlantic, KKR, Saudi sovereign prosperity fund, Abu Dhabi point out fund, Saudi Arabia’s PIF and Intel.
Qualcomm is a San Diego, California, headquartered wi-fi technological innovation firm that specialises in 3G, 4G and 5G wireless technologies. Qualcomm’s technologies and items are greatly applied in mobile products and other wireless items.
Qualcomm’s Snapdragon methods on a chip (SoC) is used by lots of main smartphones. The firm’s systems and solutions are also applied in automotive, computing and IoT. Globally Qualcomm retains a massive number of patents and the organization also information the most variety of patents in India.