Announcing the Intel deal, Mukesh Ambani, the Chairman and Managing Director of Reliance Industries, mentioned: “We are extremely delighted to deepen our ties with technology leaders that embody our vision of transforming India into a leading Digital Society in the world. Intel is a true industry leader, working towards creating world-changing technology and innovations. Intel Capital has an outstanding record of being a valuable partner for leading technology companies globally. We are therefore excited to work together with Intel to advance India’s capabilities in cutting-edge technologies that will empower all sectors of our economy and improve the quality of life of 1.3 billion Indians”.
Jio Platforms Investments Timeline
Prior to the funding from Intel, Jio Platforms raised Rs. 1,15,693.95 crores from main world traders to assist its guardian firm, Reliance Industries, eradicate a part of its $21.4 billion (roughly Rs. 1.62 lakh crores) debt by the tip of this 12 months. It all began with a 9.9% stake sale to Facebook in April for Rs. 43,574 crores (round $5.7 billion). That was adopted by a 1.15% stake sale to US non-public fairness agency, Silver Lake, for Rs. 5,665.75 crores (round $750 million). In May, US-based Vista Equity Partners purchased 2.32 % stake in Jio Platforms for Rs. 11,367 crores (round $1.5 billion). Just days later, world fairness agency, General Atlantic, picked up 1.34 % stake within the firm.
Thereafter, US-based non-public fairness agency, KKR, purchased a 2.32 % stake in Jio Platforms for Rs. 11,367 crores (round $1.5 billion). A few sovereign funds from the Abu Dhabi authorities, Mubadala and Abu Dhabi Investment Authority, additionally invested within the firm not too long ago. For good measure, Silver Lake then got here again and pumped in an extra Rs. 4,546.80 crores (round $5.96 billion) final month.
It was adopted every week later by a few investments, totaling Rs. 6,441.3 crores ($847 million), from two US-based non-public fairness corporations referred to as TPG and L Catterton. Finally, late final month, Saudi Arabia’s Public Investment Fund (PIF) purchased a 2.32% stake in Jio Platforms for Rs. 11,367 crore (round Rs. $1.5 billion) in a deal that Reliance Industry had then claimed will finish the present spherical of fundraising.