Qualcomm backs Jio in a INR 730 Cr deal to boost 5G services in India

Published On Jul 13, 2020By Vartika Manchanda

Qualcomm has joined the bandwagon of the high-profile investors backing Reliance Jio. The California-based wireless tech company has worked out a $97 Million (INR 730 Cr) deal against a 0.15% stake in Reliance Jio Platforms. It is the 13th such investment Jio has raised, now standing at the sum of about $15.7 Billion, in the last 12 weeks. The announcement was made Sunday evening, where the investment was described to be a push for the Jio Platforms to kick off advanced 5G infrastructure and services for Indian customers. The Jio Platforms include Jio Telecomm, music, TV, cinema to name a few, the telecommunication services being the prime focus. It competes directly with Bharti Airtel & Vodafone Idea and has made its way into being the largest telecom service provider in India & 2nd largest in the world, all this in less than 4 years of its incorporation. Qualcomm itself specializes in 3G, 4G & 5G wireless technologies. Their chipsets power a huge variety of mobile & other wireless devices. Steve Mollenkopf, CEO of Qualcomm Incorporated, said, “With our shared goal of extending the benefits of digital connectivity to everyone and everything, we anticipate Jio Platforms will deliver a new set of services and experiences to Indian consumers. As an enabler and investor with a longstanding presence in India, we look forward to playing a role in Jio's vision to further revolutionize India’s digital economy.”
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