This is the twelfth investor to pick stake in the company. With this, the company has raised Rs 1,18,318.45 crore by selling 25.24 per cent holding.
The investment pegs Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
The investment will deepen Jio’s ties with Qualcomm to support its journey to rollout advanced 5G infrastructure and services, the company said.
“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,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries.
The transaction is subject to customary conditions precedent. Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels. Trilegal acted as legal counsel for Qualcomm Ventures.
Apart from Qualcomm, investors in Jio Platforms include TPG, KKR, L Catterton, Intel Capital, General Atlantic, Vista Equity Partners, two sovereign wealth funds from Abu Dhabi — Abu Dhabi Investment Authority and Mubadala – and one from Saudi Arabia – Public Investment Fund.
Jio Platforms earlier this week said it has received subscription amounts, totalling Rs 30,062.43 crore, for a 6.3 per cent stake sale to L Catterton, PIF, Silver Lake, and General Atlantic Singapore. This is beside Rs 43,574 crore from Jaadhu Holdings, a wholly-owned unit of Facebook Inc., which was the first investor in the company.