Reliance Industries lined up Intel as the latest international investor in Jio Platforms, with the US company’s investment unit acquiring 0.39 per cent of the digital subsidiary for INR18.9 billion ($253.6 million).
The move continued a recent run of selling stakes in the business, bringing the total sold to 25.09 per cent for INR1.2 trillion and clearing Reliance Industries’ debt.
In a statement, Intel Capital president Wendell Brooks said Jio Platforms’ focus on applying its engineering capabilities to bring the power of low-cost digital services to India aligned with Intel’s purpose of delivering breakthrough technology which 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.”
Jio Platforms operates broadband and online commerce services, including mobile operator Reliance Jio.Subscribe to our daily newsletter Back