Qualcomm about to Invest INR 730 crore for a 0.15% stake to the Indian business giant Reliance Industries. The investment will be on the digital wing of Reliance. This will make Qualcomm the twelfth entity to invest in Reliance, within the span of three months.
Over the past few months, Reliance has sold over 25.24% of Jio digital. It’s estimated that Jio has 388 million users approximately. That makes Jio the prime carrier in the world’s second-largest internet consuming state in the world, over the period of 4 years. The fast and affordable data services are the top features of Jio digital services.
In the press release on Sunday, Mukesh Ambani, CEO & MD of Reliance Industries limited stated, “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,”.
In response to Reliance’s investment, Steve Mollenkopf, chief executive of Qualcomm, said the firm believes that Reliance Jio Platforms “will deliver a new set of services and experiences to Indian consumers” in the future.
“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,” he said in a statement.
The present regulatory tribulations they face in India, especially during the border disputes with China is relatively high. This investment might help them to overcome the current slowdown. Even though considering current to the political turbulency across the world & especially Indian & china, the investors are anonymous.