The investment division of Intel plans to invest $253 million for a 0.39 percent stake in the company, becoming the 11th financial services company to invest in the digital services business of Reliance Industries Ltd. (RIL) in 90 days.
“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, according to the online news service.
RIL’s Mukesh Ambani, chairman and managing director, said Intel Capital has an outstanding record of being a valuable partner for leading technology companies globally.
“We are, therefore, excited to work together with Intel to advance India’s capabilities in cutting-edge technologies that will empower all sectors of our economy,” he said.
So far, RIL has sold 25 percent stake in Jio to some of the world’s biggest players including Facebook, General Atlantic, TPG, KKR, Silver Lake, L Catterton, Vista Equity Partners, Abu Dhabi Investment Authority, Mubadala Investment Co., and Public Investment Fund of Saudi Arabia, raising 1.17 trillion in Indian Rupee ($15.6 trillion), LiveMint reported.
Last month, the Competition Commission of India (CCI) approved the acquisition of a 10 percent share of Jio Platforms by a newly formed subsidiary of Facebook called Jaadhu Holdings LLC.
CCI said Jaadhu is a wholly-owned Facebook subsidiary, which was launched in March.
Not wanting to be left out, Mubadala Investment Co., an investment arm of the government of Abu Dhabi in the United Arab Emirates (UAE), invested $1.2 billion in Jio.
UEA’s stake is nearly 2 percent of the company, which is valued at $65 billion.
No wonder everyone wants a piece of Jio. With its 388 million subscribers in India, and 35 percent market share, it has been making the leap from traditional mobile channels to a digital ecosystem. Jio also owns a music-streaming service called JioSaavn, as well as a streaming TV business called JioTV.