Intel has agreed to invest Rs. 1,894.50 crore for a 0.39% equity stake in Jio Platforms. The investment will come through Intel Capital, the investment arm of the US-based semiconductor giant. The company is now the eleventh investor to buy into Reliance Industry’s telecom and digital services unit this year. With the latest deal, Reliance Industries has now sold 25.09% of equity in Jio Platform for a total of Rs. 117,588.45 crore.
Prior to the investment from Intel, Jio Platforms raised Rs. 1,15,693.95 crores from leading global investors to help its parent company, Reliance Industries, eliminate part of its $21.4 billion (roughly Rs. 1.62 lakh crores) debt by the end of this year. It all started with a 9.9% stake sale to Facebook in April for Rs. 43,574 crores (around $5.7 billion). That was followed by a 1.15% stake sale to US private equity firm, Silver Lake, for Rs. 5,665.75 crores (around $750 million). In May, US-based Vista Equity Partners bought 2.32 percent stake in Jio Platforms for Rs. 11,367 crores (around $1.5 billion). Just days later, global equity firm, General Atlantic, picked up 1.34 percent stake in the company.
