Intel Planning to Invest USD 253.5 Million in Reliance Jio
Intel is planning to invest in Jio and announced that will invest USD 253.5 million to acquire a 0.39% stake in Jio. This will make Jio’s total valuation USD 65 billion and that’s quite remarkable considering that Jio is just a few years old. “Jio Platforms’ focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India aligns with Intel’s purpose of delivering breakthrough technology that enriches lives. We believe digital access and data can transform business and society for the better,” said Wendell Brooks, Intel Capital President. Intel is the 12th investor in Jio and that made it possible for Jio to raise USD 15.5 billion by selling their stakes. Jio is one of the biggest firms in the telecommunications market in India with about 400 million subscribers and frequent investors like this will attract more foreign companies to invest in the firm. Ambani, Reliance Industries’ Owner, said on Friday that he was 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.” Bernstein’s analysts suggest that Jio will have around 500 million customers by the end of 2023 and will control half of the market by 2025. So the chances are bright for the investors and the firm. Jio has a whole spectrum of useful apps across all the fields, it has JioSaavn which is a music streaming platform, it has JioTV which is on-demand live TV and it also has JioMoney, that is a payments app. It also has broadband services and smartphone business. Jio also launched the clone of the Zoom video conferencing app called JioMeet. This is all really good for Reliance Industries as Jio is a subsidiary of Reliance as the Ambani, who is the owner of Reliance Industries said that funds in Jio helped him to clear Reliance Industries’ net debt of about USD 21 billion. With Intel planning to invest in Jio, the news is very good. (VIA) Read More About Indian Govt Banned UC Browser; Here are the Best UC Browser Alternatives Here is How Samsung Galaxy Note 20 Ultra Looks Like in Mystic Bronze Color
