On Friday, Intel said it will invest $253.5 million in Jio Platforms and will join the likes of top investors like Facebook, General Atlantic, and Silver Lake, which have supported India’s largest telecom operator over the past few months.
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The US chipmaker said it acquired 0.39 percent of the Jio Platforms share, which gives an estimate of $65 billion to the Indian company. Intel Capital is the twelfth investor to buy Jio Platforms shares since April of this year, gaining over $15.5 billion by selling a 25% stake.
Mukesh Ambani, on Friday, said that he was excited to ‘work with Intel to advance India in advanced technologies that will enhance the quality of life and empower all sectors of our economy, of 1,3 billion Indians.
The new deal further shows foreign investors’ opportunities in Jio, a four-year-old subsidiary of Reliance Industries, which has raised India’s telecoms market with cut-price voice and mobile data tariffs.
Bernstein’s analysts said last month that Jio Platforms are expecting 500 million customers in 2023 and controlling half the market by 2025.
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