Reliance Industries Limited (RIL) and Jio Platforms has announced that Intel Capital will invest Rs 18.94 billion in Jio Platforms at an equity value of Rs 4.91 trillion and an enterprise value of Rs 5.16 trillion. Intel Capital’s investment will translate into a 0.39 per cent equity stake in Jio Platforms on a fully diluted basis.
Intel Capital joins the list of marquee firms who have recently invested in Jio Platforms, taking the total investment amount to Rs 1.17 trillion.
Commenting on the development, Mukesh Ambani, chairman and managing director (CMD), RIL, said, “We are extremely delighted to deepen our ties with technology leaders that embody our vision of transforming India into a leading Digital Society in the world. Intel is a true industry leader, working towards creating world-changing technology and innovations. 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 and improve the quality of life of 1.3 billion Indians.”
Further, Wendell Brooks, president, Intel Capital, said, “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. We believe digital access and data can transform business and society for the better. Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence.”
The transaction is subject to regulatory and other customary approvals.
Morgan Stanley acted as financial advisor to RIL and AZB and Partners and Davis Polk and Wardwell acted as legal counsels.