The technology venture of billionaire Mukesh Ambani secured 18.95 billion rupees ($253 million) from Intel Capital, adding to a slew of investments since April that have reached more than $15 billion.
Ambani’s conglomerate Reliance Industries Ltd. said in a statement that the investment arm of computer chip giant Intel Corp. agreed to buy a 0.39% stake in Jio Platforms Ltd., giving the business an equity value of $65 billion.
Intel Capital joins global names including Facebook Inc., KKR & Co. and Silver Lake Partners in backing Ambani’s bid to transform Reliance into a digital services giant and reduce its dependence on revenue from oil refining and petrochemicals.
Jio is expected to use its roughly 400 million wireless phone subscribers as the cornerstone of an e-commerce and digital services business.
#MukeshAmbani #JioIntelBanking #Reliance
