Reliance Industries Limited (RIL) and Jio Platforms Limited, announced that Qualcomm Ventures, the investment arm of Qualcomm Incorporated, has committed to invest upto Rs 7.3 billion in Jio Platforms at an equity value of Rs 4.91 trilllion and an enterprise value of Rs 5.16 trillion. Qualcomm Ventures’ investment will translate into 0.15 per cent equity stake in Jio Platforms on a fully diluted basis. The investment will deepen the ties between Qualcomm and Jio Platforms, to support Jio Platforms on its journey to rollout advanced 5G infrastructure and services for Indian customers.

Commenting on the development, Mukesh Ambani, chairman and managing director, RIL, said, “Today, I am delighted to welcome Qualcomm Ventures as an investor in Jio Platforms. Qualcomm has been a valued partner for several years and we have a shared vision of connecting everything by building a robust and secure wireless and digital network and extending the benefits of digital connectivity to everyone in India. As a world leader in wireless technologies, Qualcomm offers deep technology knowhow and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.”

Further, Steve Mollenkopf, chief executive officer (CEO), Qualcomm Incorporated, said, “With our shared goal of extending the benefits of digital connectivity to everyone and everything, we anticipate Jio Platforms will deliver a new set of services and experiences to Indian consumers. With unmatched speeds and emerging use cases, 5G is expected to transform every industry in the coming years. Jio Platforms has led the digital revolution in India through its extensive digital and technological capabilities. As an enabler and investor with a longstanding presence in India, we look forward to playing a role in Jio’s vision to further revolutionize India’s digital economy.”

The transaction is subject to customary conditions precedent.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB and Partners and Davis Polk and Wardwell acted as legal counsels. Trilegal acted as legal counsel for Qualcomm Ventures.