After Facebook, Intel invests into Indian internet giant Jio
Intel announces an investment of more than $ 250 million in India’s largest telecommunications operator.
James Martin / CNET
Intel is investing millions of dollars in a small stake in India’s largest telecommunications operator to further develop the world’s second largest Internet market.
According to a statement released on Friday, the US technology company will save $ 253 million for a 0.39% stake in Reliance’s Jio Platforms digital unit. Jio Platforms has a number of services under its roof, including Reliance Jio, which has accumulated more than 388 million users since its launch in 2016, making it India’s largest telecommunications provider.
“Jio Platforms’ focus on leveraging its impressive technical capabilities to bring low-cost digital services to India is Intel’s goal to deliver breakthrough technologies that enrich life.” Wendell Brooks, president of Intel Capital, said in a statement. “We believe that digital access and digital data can change companies and society for the better.”
It comes weeks after a number of high-profile US investors, including KKR and Silver Lake, have invested in Jio Platforms, a subsidiary of one of the largest Indian conglomerates controlled by India’s wealthiest man Mukesh Ambani. In April, Facebook has provided $ 5.7 billion for Jio PlatformsThis was the company’s largest foreign investment in social networking.
