Reliance 1st online AGM to feature brand-new virtual platform, Chatbot

Reliance Jio gets Rs 730 crore investment from wireless technology firm Qualcomm

Chairperson Mukesh Ambani. | PTI

This is the 13th investment in Jio Platforms since April 22.

It had earlier this week closed the deal with the biggest investor Facebook when it received ₹43,574 crore from Jaadhu Holdings, LLC (a wholly owned subsidiary of Facebook Inc). Qualcomm is investing in Jio Platforms at an equity value of INR 4.91 Lakh Cr and an enterprise value of INR 5.16 Lakh Cr.

The total money raised by RIL is just Rs 2,000 crore less than the Indian government's disinvestment target of Rs 1.20 lakh crore for fiscal 2021.

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As of March, Reliance had a net-debt of over Rs 1.6 lakh crore. Most leading smartphones in India are backed by Qualcomm chipsets.

Reliance chairman and billionaire tycoon Mukesh Ambani has always pitched Jio Infocomm as a tech company instead of a traditional telecoms firm.

Steve Mollenkopf, CEO of Qualcomm, said: "As an enabler and investor with a longstanding presence in India, we look forward to playing a role in Jio's vision to further revolutionise India's digital economy".

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Reliance has already received subscription amounts Rs 73,636.43 crore from Facebook, L Catterton, Public Investment Fund, Silver Lake and General Atlantic.

Shares of Reliance Industries (RIL) climbed over 3.5 per cent to hit an all-time high on the BSE and National Stock Exchange (NSE) during the intraday trade on Monday, a day after the oil-to-telecom behemoth announced that Qualcomm Ventures, the investment arm of Qualcomm Incorporated, has picked up 0.15 per cent stake in Jio Platforms for Rs 730 crore.

Ambani had in August previous year announced talks for sale of a 20 per cent in the oil-to-chemical (O2C) business to Saudi Aramco for United States dollars 15 billion.

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